FX.co ★ Technical analysis on Gold for May 24, 2018

Despite the widespread Dollar strength, Gold price held above the short-term $1,292 resistance. Gold price has not made new lows, although another pullback below $1,290 is seen today.

Green line - long-term support trend line

Purple line -short-term support

Gold price is expected to make at least one more leg higher, as can be seen on the weekly chart above. The price is expected to push past $1,400 in order to complete the sequence after the first leg higher back in 2015-16. On a weekly basis, if Gold price falls below $1,280, we should expect Gold price to move lower towards the green line support at $1,240. Resistance is at $1,311, but the trend will change only on a break above $1,350. Targets for Gold are $1,425 and $1,475.