Analysis of Gold for September 05, 2018

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Recently, Gold has been trading sideways at the price of $1,194.00. According to the M15 time – frame, I found a rising upward trendline, which is a sign that intraday buyers are in control. The price also broke the daily pivot ($1,193.90). I found a hidden bullish divergence on the RSI (14) oscillator, which is another sign of strength in the background. Watch for selling opportunities. The upward targets are set at the price of $1,198.55 and at the price of $1,201.45.

Resistance levels:

R1: $1,198.63

R2: $1,206.26

R3: $1,210.98

Support levels:

S1: $1,186.28

S2: $1,181.55

S3: $1,173.95

Trading recommendations for today: watch for potential buying opportunities.

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