Gold has been trading upwards as we expected. The mark-up phase is in progress. Bullish movement is expected.
According to the H1 time frame, we found that there is a breakout of the accumulation base resistance at $1.290.50 in the background, which is a sign that buyers are in control. Most recently, there is the potential bearish flag in creation (continuation pattern), which is sign that Gold is expected to trade higher. Stochastic is in oversold zone and hourly cycle is expected to move higher. Upward targets are seen at the price of $1.311.45 and at the price of $1.320.40.
Trading recommendation: We are long on gold from $1.296.00 and with targets at $1.311.50 and $1.320.40. Protective stop is placed at $1.280.00.
The material has been provided by InstaForex Company - www.instaforex.com