Recently, Gold has been trading sideways at the price of $1,222.90. According to the H1 time – frame, I have found that Gold is in consolidation phase and that consolidation phase may end near the level of $1,218.00. I found potential end of the running flat downward correction, which is a sign that selling looks risky. I also found that there is a rejection from the support trendline, which is another sign of strength. My advice is to watch for buying opportunities. The upward take profit levels are set at the price of $1,232.65 and at the price of $1,241.85.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, Gold has been trading sideways at the price of $1,222.90. According to the H1 time – frame, I have found that Gold is in consolidation phase and that consolidation phase may end near the level of $1,218.00. I found potential end of the running flat downward correction, which is a sign that selling looks risky. I also found that there is a rejection from the support trendline, which is another sign of strength. My advice is to watch for buying opportunities. The upward take profit levels are set at the price of $1,232.65 and at the price of $1,241.85.
The material has been provided by InstaForex Company – www.instaforex.com
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