FX.co ★ Gold : analysis for May 28, 2015

Overview:

Gold has been trading sideways around the level of $1,186.00. The short-term trend is neutral. I found strong trading range between the levels of $1,192.00 and $1,183.00. I am waiting for a clear breakout with strong volume to confirm further direction. Our Fibonacci retracement 50 % at the level of $1,187.00 is on the test. If the price breaks the level of $1,183.00, support levels will be set at $1,178.00 and $1,167.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,190.00

R2: 1,192.00

R3: 1,195.40

Support levels:

S1: 1,184.50

S2: 1,183.00

S3: 1,179.90

Trading recommendations: Price is in trading range (sideways). Wait for a clear breakout in a high volume to confirm further direction.