Gold price tests the support – Analysis - 17-05-2019

Gold price tested 1286.00 support line and settles around it now, which hints the price head to return to the correctional bearish track again, but it needs to get a daily close below the mentioned level to confirm extending the bearish wave towards 1275.30 followed by 1253.20 levels.

On the other hand, note that breaching 1302.60 will lead the price to regain the main bullish trend and achieve positive targets that reach 1320.00 followed by 1346.73.

Therefore, we will continue with our neutrality until the price confirms breaking 1286.00 supprot or breaching 1302.60 resistance.

The expected trading range for today is between 1275.00 support and 1300.00 resistance.

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