Analysis of Gold for January 04, 2018

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Recently, gold has been trading sideways at the price of $1,314.00. According to the 30M time frame, I found a strong bullish pin bar and a bullish breakout of the pivot level at the price $1,314.00, which is a sign that buyers are in control today. I also found a rising MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of $1,320.00 and 1.327.90.

Resistance levels:

R1: $1,320.58

R2: $1,328.00

R3: $1,334.55

Support levels:

S1: $1,306.00

S2: $1,300.00

S3: $1.292.55

Trading recommendations for today: watch for potential buying opportunities.

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