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Analysis of Gold for May 07, 2019

Gold has been trading sideways at the price of $1.279. Gold is trading inside of defined range between $1.285 and $1.277. We are neutral to bearish on the Gold.

analytics5cd17e4b4656a.jpg

Yellow horizontal line – Support 1

Yellow horizontal line – Support 2

Blue line – Middle of Keltner Channel EMA

According to the H1 time-frame, we found that that Gold is trading in the downward sloping channel and we expect potential test of the lower diagonal at $1.275 before any further upside. Gold is trading in the trading range and the current stance is neutral. Anyway, there is potential for the test of $1.275 and $1.270. To confirm upside, we would like to see breakout of the $1.284 in order to establish buying positions.

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