Analysis of Gold for December 04, 2017

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Recently, Gold has been trading downwards. The pirce tested the level of $1,271.00. According to the 1H time – frame, I found a strong support cluster at the price of $1,270.00 and my advice is to be careful selling at this point. Besides, stochastic oscillator is in the oversold zone, which is another sign of stregnth. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,286.00 and at the price of $1,289.00.

Resistance levels:

R1: $1,289.00

R2: $1,298.00

R3: $1,306.68

Support levels:

S1: $1,271.32

S2: $1,262.65

S3: $1,253.65

Trading recommendations for today: watch for potential buying opportunities.

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