Recently, Gold has been trading upwards. The price tested the level of $1,260.65. According to the H1 time frame, I found a breakout of a downward channel in the background, which is a sign that buyers are in control. I also found a hidden bullish divergence on the MACD oscillator and bullish flag pattern in creation. My advice is to watch for a potential breakout of the bullish flag to confirm further upward continuation. The upward target is set at the price of $1,282.70.
Resistance levels:
R1: $1,260.91
R2: $1,265.70
R3: $1,269.00
Support levels:
S1: $1,254.80
S2: $1,251.50
S3: $1,247.70
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com