Analysis of Gold for October 12, 2017


Recently, Gold has been trading upwards. The price tested the level of $1,297.50. According to the 15M time - frame, I found a successful testing of solid support at the price of $1,294.00, which is a sign that selling looks risky. The ADX indicator is above 30 level, which means that buyers are in control. My advice is to watch for potential buying opportuntiies. Upwards targets are set at the price of $1,297.50, 1,299.70 and $1,305.00.

Resistance levels:

R1: $1,298.25

R2: $1,301.60

R3: $1,307.35

Support levels:

S1: $1,289.15

S2: $1,283.40

S3: $1,280.00

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -