Recently, Gold has been trading downwards. The price tested the level of $1,204.83. Anyway, according to the 30M time frame, I found a fake breakout of Friday's low at the price of $1,207.00, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscilator, which is another sign of strength. My advice is to watch for potential buying opportunities today. The upward targets are set at the price of $1,213.50 and $1,219.00.
Resistance levels:
R1: $1,210.50
R2: $1,215.00
R3: $1,218.00
Support levels:
S1: $1,203.00
S2: 1,200.00
S3: $1,195.50
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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