FX.co ★ Analysis of Gold for May 08, 2019

Gold did break the key resistance at the price of $1.288 and set the tone for the next few days. Buying opportunities are prefereble.

Yellow horizontal line – Resistance-Upward objective

Yellow rectangle – Broken resistance now support

Blue line – Middle of Keltner Channel EMA

According to the Daily time-frame, we found that Gold finally managed to break the resistance at the price of $1.288, which is sign that buyers took control from sellers and momentum is up. Also, strong bullish divergence in the background did set the tone for the near-term future. Medium Keltner line acted like resistance but Gold did manage to break it and now the medium Keltner line acting like support. Our advice is to watch for buying opportunities with the target at $1.306. Key support levels are seen at $1.276 and $1.266.