22.05.201812:34 Forex Analysis & Reviews: Analysis of Gold for May 22, 2018

Long-term review

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.

Recently, Gold has been trading upwards. The price tested the level of $1,295.00. According to the H1 time – frame, I found a valid breakout of downward channel (ending diagonal), which is a sign that selling looks risky. I also found a hidden bullish divergence on the MACD oscillator, which is another sign of strength. My advice is to watch for a potential bullish flag and then watch for buying. The upward targets are set at the price of $1,299.10 and at the price of $1,306.00.

Resistance levels:

R1: $1,296.15

R2: $1,300.40

R3: $1,307.85

Support levels:

S1: $1,284.45

S2: $1,277.00

S3: $1,272.00

Trading recommendations for today: watch for potential buying opportunities.

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.