Gold has been trading upwards. The price tested the level of $1.301.00. We expect further bullish movement and increase momentum on the upside.
According to the H1 time-frame, we found that ADX reading at 46, which is sign of the strong short-term bullish trend and strong upside momentum. Also, in the background, we found the breakout of the supply trendline and the potential accumulation phase, which even adds more upside potential. Support levels are seen at the price of $1.293.00 and $1.284.00. Resistance levels are seen at the price of $1.309.55 and $1.317.50.
Trading recommendation: We are long on the Gold from $1.300.00 and with targets at $1.310.55 and $1.317.50. Protective stop is placed at $1.292.00.
The material has been provided by InstaForex Company - www.instaforex.com