Analysis of gold for February 06, 2018

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Recently, gold has been trading sideways at the price of $1,3430. According to the 30M time frame, I found a well created upward channel, which is a sign that buyers are in control. I also founda oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,349.00 and extreme target at the price of $1,357.00.

Resistance levels:

R1: $1,344.00

R2: $1,349.30

R3: $1,357.00

Support levels:

S1: $1,331.87

S2: $1,324.13

S3: $1,319.24

Trading recommendations for today: watch for potential buying opportunities.

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