Recently, Gold has been trading sideways at the price of $1,228.00. According to the daily time frame, I found a broken sideways range today, which is a sign that selling looks risky. I also found hidden bullish divergence on the 2-period rate of change, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,240.00 and $1,1245.30 (Fibonacci retracement 38.2%).
Resistance levels:
R1: $1,232.50
R2: $1,233.50
R3: $1,235.00
Support levels:
S1: $1,230.40
S2: $1,228.40
S3: $1,226.90
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com