FX.co ★ Analysis of Gold for May 13, 2019

Gold has been trading upwards as we expected last week. The price tested the level of $1.299. There is still space for more upside so you should watch for buying on the pullbacks.

According to the Daily time – frame, we found that there is the breakout of the 5-day balance and break of key resistance at the price of $1.291, which was the strong clue for the present upward momentum. References are set:

Upward:

Swing high – $1.309

Stronger swing high – $1.324

Downward:

Swing high became support - $1.291

Balance low - $1.266

We are holding our long position and we secured position on the breakeven. You can watch to add buy position the pullback. Main target is set at the price of $1.309.