GOLD, Weekly Forecast, May 16 - 20: Break Down of 1269 will Open Target on 1240

GOLD, Weekly Forecast, May 16 - 20: Break Down of 1269 will Open Target on 1240

Main scenario:
The pair is trading along an sideways trend between support 1269 and resistance 1294.
An downtrend will start as soon, as the pair drops below support level 1269, which will be followed by moving down to support level 1260 and 1240.

Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1294, which will be followed by moving up to resistance level 1313.