the daily chartist

Gold recap for 25.05.2018

published 1 year ago
Gold daily

Gold also had its downs and ups lat week and for Friday the price wanted to push higher above the D200EMA, but failed. The opening at 1304.160 was followed by a high towards 1307.720 wanting to move above the moving average, but was exhausted and went dow towards 1299.830, finding a close at 1301.300. The cancelation of the North Korean summit truly made Gold attractive, but is seems for only that long. The price indeed is rebounding from the marked blue area between 1282.015 and 1290.069, but made a new peak to conquer on eventual next Bull attacks at 1307.913 as the Daily 200EMA proved hard to beat. For now Bears are still in control as Gold did not provide any hard evidence that it can attract money and there wasn't a different catalyst that Trump's decision. 
 So I would strongly suggest to play with caution as the commodity is probably going to make a range now until it finds a suitable direction when there is enough proof for demand and to buy XAU/USD. 
 In the short - term I see the Gold struggling to find a direction - making a range. We'll see.