Analysis of Gold for May 15, 2019

Gold has been trading upwards in pat 12 hours as we expected. The price tested the level of $1.299. We are still expecting upside.

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According to the H4 time-frame, we found that there is the breakout of the bullish flag and the rejection of the 20EMA, which is sign for the potential upside continuation. There is also a rising momentum on the MACD oscillator, which is another sign of the potential strength. Watch for buying opportunities with the target at $1.310.

Upward references are set:

Previous day high - $1.303

Daily swing high - $1.310

Downward references are set:

Swing low - $1.292

Resistance became support - $1.288

The material has been provided by InstaForex Company - www.instaforex.com