Gold price continues to fluctuate – Analysis - 16-05-2019

Gold price continues to fluctuate within sideways track and still confined between the trend keys represented by 1302.60 resistance and 1286.00 support, waiting to breach one of them to detect the next destination clearly, which makes us continue with our neutrality until now.

The contradiction between the EMA50 positivity and stochastic negativity provides another reason for neutrality, noting that breaking the mentioned support will put the price under negative pressure that its targets begin at 1275.30 and extend to 50% Fibonacci correction level at 1253.20, while breaching the resistance will lead the price to achieve additional gains that reach 1320.00 followed by 1346.70 on the near term basis.

The expected trading range for today is between 1285.00 support and 1315.00 resistance.

The expected trend for today: Depends on the above mentioned levels