Recently, the Gold has been trading sideways at the price of $1,298.60. According to the H1 time – frame, I found a potential bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for a potential breakout of supply trendline to confirm further upward continuation. The upward targets are set at the price of $1,310.80 and at the price of $1,316.00.
Resistance levels:
R1: $1,307.50
R2: $1,313.00
R3: $1,320.00
Support levels:
S1: $1,294.50
S2: $1,287.10
S3: $1,281.30
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com