Gold Price Analysis 26th May Update
|Gold price is trading near to its watching zone as we discussed in the previous analysis. Gold is still trading in a range and forming a symmetric triangle on an hourly chart.
The beauty of symmetric triangle is, it always give handsome move after breaking the triangle range. We need to check it out either it will break support or the resistance to predict the movement.
The triangle is becoming narrow and it is now predictable if we look close to its resistance or support levels.
The narrow resistance is forming around 1259-61 zone and the support according to current price is around 1254-55.
If gold break the resistance and close above 1263 level, this will confirm the resistance break and could take gold towards its next target around 1277.
If gold break the support and close below 1251, this will be the indication of support break out and may take gold towards the 1233-37 minimum.
Please keep in mind, we will consider the break after the closing of the hourly candle, which means if candle closes below the suggested price on an hourly chart, This will be the signal to jump in.
Please have a look at the hourly chart below, I have mentioned possible watching zone and target levels.
Gold Hourly Chart
Hourly Gold Chart Update
Watching Levels For Gold Trade
Resistance: 1259-61 ==> Break Confirmation For Bullish Move 1263.50
Support: 1253-54 ==> Break Confirmation For Bearish Move 1249
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