FX.co ★ Daily analysis of Gold for May 26, 2017

Overview

The gold price continues to fluctuate within a sideways track and the price needs to breach one of the key levels represented by the 1,249.94 support and the 1,263.00 resistance to detect its next destination clearly. Therefore, we still remain neutral until we get a clearer confirmation signal for the next trend. Note that a break of the mentioned support will push the price to test the 38.2% Fibonacci correction level at 1,229.32; while a breach of 1,2636.00 will make the price return to the main bullish trend, the first target of which is located at 1,295.37. The expected trading range for today is between the 1,240.00 support and the 1,270.00 resistance.