May was terrible time for GOLD bulls. The price has fallen almost 10% and right now it is testing support at 1200. However, this support isn’t very strong so it is likely that GOLD will fall lower to 1180 and rebound there. Strong support coincides with previous downtrend line at the before mentioned level and Fibonacci 50% retracement level. If 1180 level causes rebound, the new upward impuls will reach 1300 level.
Alternatively if the bears breaks 1180 level, situation will look much worse for the bulls. However the last scenario is less likely to happen at the moment.
YOU CAN START TRADING ON FOREX MARKET USING FREE XM BROKER ACCOUNT.
Time-frame D1
Time-frame W1
