Analysis of Gold for May 16, 2017

Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,237.34. Anyway, I still epxect higher price. Today I found an open and dive type of trading, which is a bullish session type. In the background, I found a broken trading range, which is another sign of strength. The price is also trading above 5-simple moving average. Watch for buying opportunities. Upwards targets are set at the price of $1,240.00 and $1,245.00.

Resistance levels:

R1: $1,235.00

R2: $1,236.10

R3: $1,237.15

Support levels:

S1: $1,233.40

S2: $1,232.75

S3: $1,231.70

Trading recommendations for today: consider potential buying opportunities.

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

Source:: Analysis of Gold for May 16, 2017