Recently, Gold has been trading downwards. The price tested the level of $1,246.00. According to the 30M time frame, there is a fake breakout of yesterday's low, which is a sign that sellers lost downward pressure. There is also a hidden bullish divergence on the ROC oscilator, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of $1,264.00.
Resistance levels:
R1: $1,261.90
R2: $1,266.45
R3: $1,273.80
Support levels:
S1: $1,247.00
S2: $1,242.00
S3: $1,235.00
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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