Recently, Gold has been trading upwards. The price tested the level of $1,236.00. According to the H4 time – frame, I have found the finished downward correction (regular flat) in the background, which is a sign that buying looks preferable. I also found the breakout of the supply trendline and the Fibonacci expansion 100% ($1,234.30), which is another sign of strength. My advice is to watch for buying opportunities on the pullbacks. The projected upward target is set at the price of $1,266.80 (Fibonacci expansion 161.8%)
The material has been provided by InstaForex Company – www.instaforex.com
Recently, Gold has been trading upwards. The price tested the level of $1,236.00. According to the H4 time – frame, I have found the finished downward correction (regular flat) in the background, which is a sign that buying looks preferable. I also found the breakout of the supply trendline and the Fibonacci expansion 100% ($1,234.30), which is another sign of strength. My advice is to watch for buying opportunities on the pullbacks. The projected upward target is set at the price of $1,266.80 (Fibonacci expansion 161.8%)
The material has been provided by InstaForex Company – www.instaforex.com
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