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GOLD: TECHNICAL SUMMARY FOR MAY 07, 2015

Posted on May 7, 2015 10:00

Gold prices are moving between small gain and losses since last Monday. The yellow metal was unable to cross the 1200 area in this week, in last week this metal placed high 1214.

Take a look on some mentioned below lagging indicators summry.

1) Gold trend is bearish, indicated by the SMA 100 and 200 in h1 graph. Shorter SMA has crossed the longer SMA and the current candles are below then the both SMA.
2) We can see a great clear breakout of bullish channel in h1 graph and a bearish trend line resistance in h1 graph.
3) Ichimoku cloud signal is also bearish in h1 graph. Tenkan sen has crossed kijun sen and senko span is acting as a good resistance for this metal.

On the other hand this metal is likely to find support near 1187, followed by 1183 and resistance near 1196 followed by 1201.

Monday, 25 May, 2015 / 12:03

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Source : https://rinvestments.com/forex-forecast/gold-technical-summary-for-may-07-2015.html

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