Analysis of Gold for May 31, 2018

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Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,305.90. According to the H1 time – frame, I found that there is a finished (abc) bearish correction in the background, which is a sign that selling looks risky. I also found an intraday bullish flag and upward channel, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward target is set at the price of $1,316.60.

Resistance levels:

R1: $1,305.00

R2: $1,308.65

R3: $1,313.55

Support levels:

S1: $1,296.55

S2: $1,291.63

S3: $1,288.10

Trading recommendations for today: watch for potential buying opportunities.

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