Recently, the Gold has been trading downwards. The price tested the level of $1,295.00. Anyway, according to the H1 time – frame, I found a potential end of the downward correction (abc), which is a sign that selling looks risky. I also found the upward trendline on the test, which is another sign of potential strength. My advice is to watch for a potential breakout of the supply trendline to confirm a further upward movement. The upward target is set at the price of $1,310.50.
Resistance levels:
R1: $1,310.00
R2: $1,301.90
R3: $1,303.90
Support levels:
S1: $1,296.30
S2: $1,294.30
S3 : $1,292.50
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the Gold has been trading downwards. The price tested the level of $1,295.00. Anyway, according to the H1 time – frame, I found a potential end of the downward correction (abc), which is a sign that selling looks risky. I also found the upward trendline on the test, which is another sign of potential strength. My advice is to watch for a potential breakout of the supply trendline to confirm a further upward movement. The upward target is set at the price of $1,310.50.
Resistance levels:
R1: $1,310.00
R2: $1,301.90
R3: $1,303.90
Support levels:
S1: $1,296.30
S2: $1,294.30
S3 : $1,292.50
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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