Gold holding above minor support at 1251/52
|Daily Forecast - 25 May 2017
Gold
Gold holding above minor support at 1251/52 tests first resistance at 1255/57 before strong resistance again at 1264/65 which has held perfectly of course. HOWEVER mega important 4.5 year trend line resistance at 1275/79 is the big challenge this week. Try shorts with stops above 1290.
Minor support at 1251/52 but look for much better support at 1245/44 for profit taking on any shorts. A bounce from here is certainly possible but a break lower targets a buying opportunity at 1234/32 with a low for the day expected if we reach this far. Try longs with stops below 1228, & look for a bounce towards 1243/44.
Gold Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.