Analysis of Gold for May 24, 2018

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Recently, Gold has been trading sideways at the price of $1,295.00. According to the H1 time – frame, I found a broken downward channel in the background, which is a sign that selling looks risky. I also found a hidden bullish divergence and potential finished (abc flat correction), which is another sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,302.80 and at the price of $1,311.25.

Resistance levels:

R1: $1,298.40

R2: $1,303.60

R3: $1,309.35

Support levels:

S1: $1,288.54

S2: $1,282.75

S3: $1,278.15

Trading recommendations for today: watch for potential buying opportunities.

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