Gold - Technical Analysis: Friday, 19/05/2017 05:50 GMT

Gold price retreated clearly yesterday to break the ascending channel's support line, but it found good support ground formed by the previously breached resistance that appears on the chart below, which keeps the chance valid to return to rise again, and the price needs to surpass 1255.77 barrier to confirm the continuation of the main bullish trend.

The main target of the expected bearish wave is located at 1295.46, noting that breaking 1231.21 will push the price to extend the bearish correction towards 1211.37 as a next target.