Analysis of gold for June 06, 2018

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Recently, gold has been trading sideways at the price of $1,294.75. Anyway, according to the H1 time frame, I found a potential bullish flag in creation, which a sign that selling looks risky. My advice is to watch for potential breakout of the bullish flag to confirm further upward movement. The upward targets are set at the price of $1,304 and at the price of $1,314.10.

Resistance levels:

R1: $1,300.66

R2: $1,302.33

R3: $1,303.56

Support levels:

S1: $1,297.75

S2: $1,296.50

S3: $1,294.85

Trading recommendations for today: watch for potential buying opportunities.

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