Gold analysis for April 05, 2017

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Recently, the Gold has been trading downward. The price tested the level of $1,252.00. Anyway, according to the 30M time frame, I have found hidden bullish divergence on the moving average oscillator, which is a sign that selling looks risky. Also, there is a doji candle in the background, which is another sign that sellers lost power and that buyers may build their positions. My advice is to watch for potential intraday buying opportunities. The upward targets are set at the price of $1,257.00 and $1,261.00. Anyway, if the price breaks the level of $1,252.00, the Gold my visit level of $1,244.50.

Resistance levels:

R1: $1,262.00

R2: $1,264.35

R3: $1,267.50

Support levels:

S1: $1,256.00

S2: $1,254.00

S3: $1,251.00

Trading recommendations for today: watch for potential intraday buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

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