FX.co ★ Analysis of Gold for May 03, 2019

Gold has been trading upwards today and the momentum is on the upside. We see potential more upside in the next period so buying opportunities are preferable.

Yellow horizontal line – resistance cluster

Blue line – Median Keltner line 20 EMA (current resistance)

White horizontal line – Broken resistance

Strong bullish movement on the Gold today and baking into the 4-day trading range. The fact that Gold did back into the trading range is telling us that sellers didn't have power to sustain down break and that buyers reacted. The resistance at the price of $1.275 didn't hold and buyers are in control. Key short-term upward reference is seen at $1.287. Daily bullish divergence on the Stochastic oscillator is still in the background and that is another sign of potential strength on the Gold.