Tech analysis by Simon Kazinsky on 03:15 May 26, 2016 EST
Gold has failed to maintain above the last long term resistance as can be seen on the chart. The outlook for the precious metal remains still above very important supports located at $1,100 and $1,000.
Above $1,300 the bullish outlook prevails and by then a longer term trend may have formed which will enable supports where to initiate buy positions. Until then the outlook remains moderately bullish awaiting for further direction.
The outcome of the Fed meeting in June, just a few weeks away, were the second rate hike this year may be announced could be the catalyst.