Analysis of Gold for May, 24.2019

Gold has been trading sideways at the price of $1.283.85. From our view, Gold did only consolidation before potential new wave up.

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Red horizontal line – swing high resistance

Orange rectangle- Resistance 2

White lines – bullish flag boundiries

Broken bull flag on the 1H time-frame, watch for potential buying opportunities. We found that after the mark up phase yesterday, today price action looks like a corrective down move before new wave up. Downward references are set at $1.280 and $1.278. Upward references are set at $1.288 and $1.298. Stochastic oscillator did flip for upside as well, which adds more for the upside.

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