InstaForex - Analytics

    InstaForex

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    Technical analysis of Gold for May 2, 2016 2016-05-02

    Gold has broken above the important short-term resistance levels of $1,260-70 and has given new highs. A top around $1,300-$1,320 is still very probable as gold's bullish momentum is not as strong and oscillators enter overbought levels. I continue to believe upside potential is limited and I prefer to wait for a bigger pullback towards $1,150 to open long positions.

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    Yellow area - overbought stochastic diverging

    Gold remains above the Ichimoku cloud on the 4-hour chart. The trend remains bullish. Short-term support is found at $1,281 and at $1,263. The stochastic and RSI oscillators are providing a warning for bulls as they are at overbought levels. No reversal signal yet.

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