The yellow metal obeyed us and gave a good bounce thanks to the heaven bids and +ve divergence indicators. If we give an extension to the upper trend line, it will show the resistance at $1,251.4. Until it crosses and sustains above the white upper trend line, it looks towards south near supports. The hourly indicators gave an overbought signal.
In Asian’s trading session gold is trading in a tight range 1,242-1,236.
GOLD
The yellow metal obeyed us and gave a good bounce thanks to the heaven bids and +ve divergence indicators. If we give an extension to the upper trend line, it will show the resistance at $1,251.4. Until it crosses and sustains above the white upper trend line, it looks towards south near supports. The hourly indicators gave an overbought signal.
In Asian’s trading session gold is trading in a tight range 1,242-1,236.
Downside levels – 1,242; 1,236; 1,230; 1,227; 1,220; 1,210; 1,200; 1,195; 1,185.
Resistance- 1,251.5; 1,264; 1,275; 1,290; 1,294.
Trade- buy above 1,251.5 for targets 1,264. Next powerful run only above 1,264 towards 1,275.
Close above 1,294 gives fresh buy signal.
The material has been provided by InstaForex Company – www.instaforex.com
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