Recently, the Gold has been trading downwards. The price tested the level of $1,291.67. Anyway, according to the H1 time frame, I found a potential end of downward correction, which is a sign that selling at this stage looks risky. My advice is to watch for potential breakout of intraday supply trendline to confirm upward movement. If you see a valid breakout of supply trendline watch for buying opportunities. The upward target is set at the price of $1,300.00.
Resistance levels:
R1: $1,302.90
R2: $1,306.70
R3: $1,309.80
Support levels:
S1: $1,296.00
S2: $1,294.40
S3: $1,289.80
Trading recommendations for today: watch for potential buying opportunities if you see a valid breakout of supply trendline.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the Gold has been trading downwards. The price tested the level of $1,291.67. Anyway, according to the H1 time frame, I found a potential end of downward correction, which is a sign that selling at this stage looks risky. My advice is to watch for potential breakout of intraday supply trendline to confirm upward movement. If you see a valid breakout of supply trendline watch for buying opportunities. The upward target is set at the price of $1,300.00.
Resistance levels:
R1: $1,302.90
R2: $1,306.70
R3: $1,309.80
Support levels:
S1: $1,296.00
S2: $1,294.40
S3: $1,289.80
Trading recommendations for today: watch for potential buying opportunities if you see a valid breakout of supply trendline.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: