Recently, gold has been trading sideways at the price of $1,225.50. According to the 30M time frame, I found hidden bullish divergence in creation on the moving average oscillator, which is a sign that sellers lost power. I found potential parabolic bottom formation, which is a very strong type of bottoming. My advice is to watch for potential buying opportunities. Targets are set at the price of $1,234.50 and $1,244.00.
Fibonacci pivot points:
Resistance levels:
R1: 1,230.85
R2: 1,233.50
R3: 1,237.90
Support levels:
S1: 1,222.10
S2: 1,219.45
S3: 1,215.75
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com