Since our previous analysis, gold has been moving upwards. The price tested the level of $1,313.29 in a high volume. The trend is bullish. According to the 30M time frame, I found a potential end of the bearish correction at the price of $1,301.90. Stochastic is at the oversold level (15) and there is a broken supply trend line. Watch for buying opportunities. I am expecting a re-testing of swing high at the price of $1,313.29.
Daily Fibonacci pivot points:
Resistance levels:
R1: 1,298.06
R2: 1,302.40
R3: 1,309.50
Support levels:
S1: 1,283.90
S2: 1,279.50
S3: 1,272.40
Trading recommendations for today: Be careful when selling and watch for buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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