Analysis for Gold 05.13.2020 – Breakout of intraday pivot high at $1.711, watch for potential bigger upside breakout towards

By | May 13, 2020
InstaForex
Analysis for Gold 05.13.2020 - Breakout of intraday pivot high at $1

Relevance up to 07:00 2020-05-15 UTC–5

Corona virus summary:

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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.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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