Analysis of Gold for May 01, 2019

Gold did test again the key short-term support cluster at the price of $1.278. We expect further upward movement and potential test of upper references.


Yellow rectangle – Short-term resistance, which became key support

Blue moving average – 20EMA acting like support

Green rectangle – Resistance based on price action

Green rectangle – Resistance 2 based on price action

Green rectangle – Resistance 3 based on price action

According to the H4 time-frame, we found the breakout of the supply trendline and the rejection of key support (yellow rectangle). Which is sign that buyers are still present. Our advice is to watch for buying opportunities. Upward references are set at the price of $1.294.30, $1.300.95 and $1.310.00. As long as the Gold is trading above the $1.265.00, the short term-trend remains bullish. Medium Keltner average (20EMA) is acting like support together with rising ADX reading, which adds more potential for upside.

The material has been provided by InstaForex Company -