Gold analysis for January 31, 2017 - Forex247

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Tuesday, January 31, 2017

Gold analysis for January 31, 2017

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Recently, gold has been trading upawrds. As I expected, the price tested the level of $1,207.78. According to the 30M time frame, I found confrmed bullish divergence on a Moving Average Oscilator, which is a sign of potential strength. My advice is to watch for buying opportunities. A target is set on the supply cluster at the price of $1,218.00.

Resistance levels:

R1: 1,197.30

R2: 1,200.00

R3: 1,204.30

Support levels:

S1: 1,188.60

S2: 1,185.90

S3: 1,181.55

Trading recommendations for today: Watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com


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