30.04.201914:34 Forex Analysis & Reviews: Analysis of Gold for April 30, 2019

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 traded higher in past 24h period as we expected and level of $1.278 provided great support. 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

Gold did successful rejection of the key support at the price of $1.278, which is good sign for further upward price. 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.

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.