Global Gold Analysis Friday, May 14
After forming a price floor in the range of $ 1,809 yesterday, the price of an ounce of global gold reached the resistance level of $ 1,820.
April US retail sales are expected to increase by about 1%. This rate was reported in March at 9.7%. If this happens, the price of gold could experience an upward trend.
The price of gold is moving towards the 200-day moving average indicator in the range of $ 1,847. To achieve this, a high price resistance level of $ 1,840 is required.
On the other hand, if the price penetrates below yesterday's price floor of $ 1,809, one can expect a fall to the intersection of the 21-day and 100-day moving average indicators at $ 1,795. This level is a strong support and is expected to prevent further fall in gold prices.