FX.co ★ Analysis for Gold 05.13.2020 - Breakout of intraday pivot high at $1.711, watch for potential bigger upside breakout towards the level at $1.746

Corona virus summary:

Technical analysis:

Gold has been trading upwards as I expected. The Gold is breaking the pivot high at the price of $1,711, which is good sign for the further upside. I still expect upside movement and breakout of the the larger symmetrical triangle pattern in the background.

Trading recommendation:

Watch for buying opportunities due to the intraday up-cycle and potential for the breakout of the symmetrical triangle.

The upward targets are set at the price of $1,746 and $1,790.