FX.co ★ Technical analysis on Gold for May 11, 2018

Gold price broke above the short-term resistance of $1,319-20. Gold is bouncing as expected. Any pullback towards $1,310 is a buying opportunity targeting $1,330 next. Trend has changed to bullish.

Blue line -long-term resistance

Red line - long-term support

Black line - short-term resistance

Gold price is pulling back as a back test of the broken short-term resistance. Support is at $1,318 and next at $1,312. Resistance is at $1,322.50 and next at $1,332 which is our next target. Gold could be in the making of a longer-term low here, so I prefer to be bullish.