Recently, the Gold has been trading upwards. The price tested the level of $1,288.58. According to the 4H time frame, I found that price has broken the medium line of the upward channel, which is a sign that Gold may continue upward movement. The first downward target is set at the price of $1,306.00. Anyway,I have placed Fibonacci expansion to find potential short – term target. I got Fibonacci expansion 100% at the price of $1,335. My advice is to watch for potential buying opportunities.
Resistance levels:
R1: $1,289.00
R2: $1,290.00
R3: $1,291.00
Support levels:
S1: $1,286.00
S2: $1,285.00
S3: $1,283.80
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the Gold has been trading upwards. The price tested the level of $1,288.58. According to the 4H time frame, I found that price has broken the medium line of the upward channel, which is a sign that Gold may continue upward movement. The first downward target is set at the price of $1,306.00. Anyway,I have placed Fibonacci expansion to find potential short – term target. I got Fibonacci expansion 100% at the price of $1,335. My advice is to watch for potential buying opportunities.
Resistance levels:
R1: $1,289.00
R2: $1,290.00
R3: $1,291.00
Support levels:
S1: $1,286.00
S2: $1,285.00
S3: $1,283.80
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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