Analysis of Gold for June 07, 2018

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Recently, Gold has been trading sideways at the price of $1,297.95. According to the H1 time – frame, I found a potential intraday bearish flag in creation. I expect a downward movement to re-test a low at the price of $1,293.00 and then a potential upward movement to visit $1,303.60. My advice for intraday trading is to watch for a breakout of the otential bearish flat to confirm a further downward price.

Resistance levels:

R1: $1,305.75

R2: $1,310.00

R3: $1,314.00

Support levels:

S1: $1,297.45

S2: $1,293.45

S3: $1,289.20

Trading recommendations for today: watch for potential intraday selling opportunities.

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