Recently, gold has been trading upwards. The price tested the level of $1,239.78. According to the 4H time frame, I found successful rejection from lower diagonal of upward channel. The trend is bullish. Based on 1H time frame, I have found broken horizontal base, which is a sign that an upward trend may continue. I projected Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 161.8% at the price of $1,252.00.
Fibonacci pivot points :
Resistance levels :
R1: 1,235.90
R2: 1,237.75
R3: 1,240.65
Support levels:
S1: 1,230.00
S2: 1,228.20
S3: 1,225.30
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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