Analysis of Gold for May 23, 2018

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Recently, the Gold has been trading upwards. As I expected, the price tested the level of $1,298.00. According to the H1 time – frame, I found a broken ending diagonal in the background, which is a sign that buyers are in control. I also found a broken intraday bullish flag, which is another sign of strength. On the MACD oscillator, I found a hidden bullish divergence. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,302.70 and at the price of $1,311.00.

Resistance levels:

R1: $1,293.00

R2: $1,294.00

R3: $1,296.00

Support levels:

S1: $1,289.50

S2: $1,288.40

S3: $1,286.60

Trading recommendations for today: watch for potential buying opportunities.

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