FX.co ★ Technical analysis of gold for May 29, 2018

Gold price remains supported in the short-term despite a widespread dollar's strength. Gold remains above $1,290 and is expected to make a new move higher at least towards $1,320-30 area. This is very important confluence area of resistance.

Yellow line - resistance

Purple line- short-term support

Green lines - targets

Gold price is making higher highs and higher lows. The price has stopped at the yellow line resistance and pulled back as expected towards the purple support trend line. Resistance is at $1,304.50 and support lies at $1,294-95. I expect the gold price to move higher the next couple of weeks towards $1,320-30. I'm bullish on gold.