Technical analysis on Gold for June 1, 2018


Gold price remains near key resistance of $1,305. Every time Gold tried to break above the resistance it got rejected. Will the NFP announcement today provide the necessary boost for a break above resistance and finally a move towards $1,320-30? I believe so.

Technical analysis on Gold for June 1, 2018

Blue horizontal line -short-term resistance

Yellow line - medium-term resistance

Purple line - short-term support

Green lines - targets

Red extensions -targets

Gold price is still trying to break above the medium-term trend line resistance. A triple top at $1,305 has been formed. There will not be a fourth time. Either Gold breaks it next and move towards our targets of $1,320-30 or it makes new lows. Support is at $1,290-95. Bulls do not want a weekly and daily close below this level. Bulls want a break out today.