For Traders

Analytical Reviews

Technical analysis

10.05.201916:15 Forex Analysis & Reviews: Analysis of Gold for May 10, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold has been trading sideways at the price of $1.287. The intraday momentum is bullish and there is also potential for the breakout of the balance, which is positive sign for the Gold. Buying opportunities are preferable.

Purple rectangle – Resistance $1.285

White horizontal line – Resistance 2 ($1.289)

White diagonal line – Resistance on the test

Yellow rectangle – Support 1 ($1.277)

Blue rectangle – Major support $1.265

We found that Gold is trying to breakout few resistance levels and make new push higher. The breakout of the $1.291 would confirm bullish momentum and potential test of the $1.309. The medium Keltner line has started to act like support and that is positive sign for the Gold. As long as the Gold is trading above $1.277, the trend will remain bullish. Watch for buying opportunities with the first target at $1.309.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.