Technical analysis of Gold for June 12, 2019

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Gold price pulled back towards the 38% Fibonacci retracement which was the first important short-term support level. Price is bouncing off this level and this is a bullish sign. We should be waiting for a new higher high in Gold.

Technical analysis of Gold for June 12, 2019
  • Blue line -major resistance trend line
  • Red line - major support trend line
  • Black line -short-term resistance (broken)

Gold price could make a new higher high this week above $1,349. Trend remains bullish as long as price is above $1,300. Gold price held the support at the 38% Fibonacci retracement. The RSI does not show any bearish divergence sign. Next support is found at $1,302 where we find the 61.8% Fibonacci level and an intermediate high made back on May 14th. The resistance at $1,350 is very strong and very important. Breaking above it or getting rejected at it could be critical for the price of Gold for the next 4-6 months.