07.05.202106:16 Forex Analysis & Reviews: Elliott wave analysis of Gold for May 7, 2021

Exchange Rates 07.05.2021 analysis

After a short consolidation period gold is on the move higher again towards the resistance-line near 1,870 and a break above here will call for a continuation higher to key-resistance at 1,959 and then resistance at 2,075 as the next upside target on the way towards 2,705.

Support is now seen at 1,799.50 and only a break below here will call for a retest of support at 1,755 before renewed upside pressure towards 1,959.

Trading recommendation:

Buy gold and place you stop at 1,770

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

Torben Melsted,
Analytical expert
InstaForex Group © 2007-2021
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