Gold has been trading sideways at the price of $1.302.15. We are still expecting upward price and bullish continuation.
Nothing has specially changed since our previous analysis. The ADX reading is above 30 level, which is sign of the strong bullish trend-momentum. In the background, we found the bullish flag pattern in creation, 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