Analysis of Gold for March 09, 2018


Recently, gold has been trading downwards. The price tested the level of $1,316.50. According to the 30M time frame. I found a bullish breakout of the falling wedge, which is a sign of strength. I also found a fake breakout of yesterday's low at $1,318.90 and a hidden bearish divergence on the moving average oscillator, which is another sign of the strength. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of $1,322.58 and $1,326.60.

Resistance levels:

R1: $1,327.65

R2: $1.333.35

R3: $1,337.40

Support levels:

S1: $1,317.60

S2: $1,313.27

S3: $1,307.55

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -