Analysis of Gold for May 30, 2018

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Recently, the Gold has been trading sideways at the price of $1,298.60. According to the H1 time – frame, I found a potential bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for a potential breakout of supply trendline to confirm further upward continuation. The upward targets are set at the price of $1,310.80 and at the price of $1,316.00.

Resistance levels:

R1: $1,307.50

R2: $1,313.00

R3: $1,320.00

Support levels:

S1: $1,294.50

S2: $1,287.10

S3: $1,281.30

Trading recommendations for today: watch for potential buying opportunities.

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