Recently, gold has been trading upwards. The price tested the level of $1,340.42. According to the 30M time-frame, I found a successful rejection of the pivot level ($1,330.84), which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at $1,342.00 and at $1,349.75.
Resistance levels:
R1: $1,342.00
R2: $1.349.75
R3: $1,361.32
Support levels:
S1: $1,323.20
S2: $1,311.78
S3: $1,304.15
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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