Analysis of Gold for August 02, 2017

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Recently, the Gold has been trading upwards. The price tested the level of $1,274.10. According to the 4H time frame, I found 20-day upward channel. The price successfully tested the lower diagonal of our channel, which is a sign that selling looks risky. Buyers are in control and the short-term trend is bullish. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,274.00 and $1,290.00.

Resistance levels:

R1: $1,276.00

R2: $1,280.00

R3: $1,288.00

Support levels:

S1: $1,265.00

S2: $1,258.00

S3: $1,254.00

Trading recommendations for today: watch for potential buying opportunities.

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