Analysis of Gold for June 05,.2019

Source: Forex Analysis

Gold has been trading upwards as we expected. The price tested the level of $1.343 and it is near our second upward target from few days ago at $1.345. Careful with longs at this stage since the potential resistance is there. It is good time to take some profit from your longs.

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Yellow rectangle – support $1.320

Blue rectangle- Resistance $1.345

Gold has been trading upwards for last few days with the good up momentum. Gold is still in strong upward momentum and the MACD is showing increasing in momentum, which isgood sign for further continuation. In case of the breakout of $1.345, next upward target would be set at $1.362 (strong resistance cluster). Watch for new buying opportunities but only if you see valid breakout of the $1.345. From other side, if you see pullback, good area to unload longs is set at $1.328 (support).

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