Gold has been trading upwards as we expected. The price tested the level of $1.308.00. Gold has been extending its gains since our previous analysis.
Gold is trading higher with a good momentum and we see no signs of reversal yet. Accumulation phase in the background and the successful test were the key reason of the current bullish momentum. Intraday support is seen at the price of $1.303.60 and the key short-term support at $1.1275. Resistance levels are seen at $1.311.30 and $1.320.00.
Trading recommendation: We are still long on gold from $1.296.00 and with targets at $1.311.50 and $1.320.40. Stop Loss is shifted to the breakeven level and on that way, we secured our position so we can't lose.
The material has been provided by InstaForex Company - www.instaforex.com