Technical analysis on Gold for June 19, 2018

Technical analysis on Gold for June 19, 2018

Gold price remains near its 2018 lows. Price stopped the decline at the $1,276 support. Resistance is at $1,285 and next at $1,300. Gold price remains in a bearish trend. However I believe that the next big move will be to the upside towards $1,400-$1,450.

Blue line – support
Red line – resistance Gold price is trading around the important 61.8% Fibonacci retracement. Short-term support is expected to hold and Gold to make at least a bounce towards $1,295-$1,300. A break above the $1,300 area will open the way for a bigger bounce towards $1,320-30. I believe there are very little chances that Gold moves much lower from current levels.

 

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