Gold has been reacting from bullish divergence on loosing momentum on the downside. The momentum is strong on the upside and we are advising you to watch only for buying opportunities.
Green rectangle – Short-term resistance, which became key support
Orange rectangle – Resistance based on price action
Red rectangle – Resistance 2 based on price action
Gold did rejection of the 20 EMA on the H4 time-frame on that way confirming the further short-term upside. Key resistance at $1.279 is broken and next resistance levels are seen at the price of $1.295 and $1.310. The Stochastic oscillator made new bullish wave and for now there are no signs of momentum drop on the upside. Watch for buying opportunities with the targets at $1.295 and $1.310.
The material has been provided by InstaForex Company - www.instaforex.com