Technical analysis on Gold for May 7, 2018

analytics5aeffa1202384.png

Gold price has broken out of the bearish channel, but remains below the Ichimoku cloud resistance in the 4 hour chart. Trend remains bearish as long as the price is below $1,320. On a break above $1,320, we will have short-term higher highs and higher lows. Combined with the bullish divergence in the RSI, we remain short-term bullish.

Blue lines – bearish channel

Upward sloping blue line -bullish divergence

Gold price has short-term support at $1,301. Resistance is at $1,320 and next at $1,330. I expect Gold to start a new upward move from around the $1,300-$1,310 area as we have been saying for the last few weeks. So now we are bullish.

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

Source:: Technical analysis on Gold for May 7, 2018

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*