Recently, gold has been trading sideways at the price of $1,254.70. According to the 4H time frame, I found inside bars formation, which is a sign of indecision. The price is trading in range between the price of $1,260.00 (resistance) and the price of $1,252.30 (support). Watch for breakout of support or resistance to confirm further direction. Downward targets are set at the price of $1,248.00, $1,246.20, and $1,237.00. The upward target is set at the price of $1,268.00.
Resistance levels:
R1: $1,258.00
R2: $1,258.80
R3: $1,259.90
Support levels:
S1: $1,255.70
S2: $1,255.00
S3: $1,253.90
Trading recommendations for today: watch for breakout of support or resistance to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com
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