XAUUSD

11:37, 20 May

Market recap

On Tuesday last week we covered gold which didn’t have a great week last week as it finished falling sharply away from the resistance at $1300. To start the week it surged higher to its highest level in a month reaching and testing the key level of $1300. The $1300 level has played a significant role with gold in the last few months and it would have come as little surprise to most that the sellers jumped in again at this level and forced prices lower. 
For the best part of the last few weeks gold has consolidated and traded between $1270 and $1290 after falling through the $1300 level earlier last month. Several weeks ago gold fell sharply from sitting just above the key level of $1300 to fall to a new low for 2019 just below $1270, where it received solid support from and it may receive support from that level again.