Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,213.25. According to the M30 time – frame, I found that buyers are in control and that price is trading above the daily pivot ($1,208.50), which is a sign that selling looks risky. I also found a rising channel and the price is trading near the median line. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,217.65 and at the price of $1,223.10.
Resistance levels:
R1: $1,214.25
R2: $1,217.65
R3: $1,223.10
Support levels:
S1: $1,205.06
S2: $1,199.30
S3: $1,195.85
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com