Analysis of Gold for September 12, 2017

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Recently, Gold has been trading downwards. The price tested the level of $1,322.70. According to the 30M time frame, I found a broken falling wedge formation (reversal), which is a sign that selling looks risky. There is also a hidden bullish divergence on the moving average oscilator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,335.00 and $1,340-.00.

Resistance levels:

R1: $1,331.85

R2: $1,335.50

R3: $1,337.60

Support levels:

S1: $1,325.90

S2: $1,323.70

S3: $1,320.00

Trading recommendations for today: watch for potential buying opportunities.

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