Analysis of Gold for January 03, 2018

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Recently, gold has been trading upwards. The price tested the level of $1,320.80. According to the 30M time frame, I found a successful rejection from the Fibonacci retracement 50% at the price of $1,311.00, which is a sign that selling looks risky. The short-term trend is bullish and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,323.00 and at the price of $1,330.00.

Resistance levels:

R1: $1,322.80

R2: $1,329.50

R3: $1,338.00

Support levels:

S1: $1,307.00

S2: $1,297.00

S3: $1,291.00

Trading recommendations for today: watch for potential buying opportunities.

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