Recently, gold has been trading downwards. The price tested the level of $1,285.73. According to the 15M time frame, I found a fake breakout of yesterday's low at the price of $1,287.00, which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic ocillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,290.00 (pivot level), $1,293.95 (pivot resistance 1) and at the price of $1,297.00 (pivot reistance 2).
Resistance levels:
R1: $1,293.95
R2: $1.297.00
R3: $1,300.50
Support levels:
S1: $1,287.37
S2: $1.283.91
S3: $1.280.81
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com