Gold has been trading upwards as we expected. The price tested the level of $1.304.50. We expect further bullish movement and our upward targets to be met.
According to the H4 time-frame, we found that ADX reading at 49 and rising, which is sign of the strong short-term bullish trend and strong upside momentum. Also, in the background, we found the breakout of 16h balance, 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 $1.310.00, $1.316.10 and $1.322.10.
Trading recommendation: We are still holding our long position the Gold from $1.300.00 and with targets at $1.310.55 and $1.316.00. Protective stop is placed at $1.292.00.
The material has been provided by InstaForex Company - www.instaforex.com