Analysis of Gold for January 22, 2018

Recently, Gold has been trading sideways at the price of $1,331.00. According to the 30M time – frame, I found successful rejection of the upward trendline (support), which is a sign that selling looks risky. I also found a potential bullish flag in progress and a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The first upward target is set at the price of $1,337.00.

Resistance levels:

R1: $1,337.66

R2: $1,343.75

R3: $1,349.40

Support levels:

S1: $1,325.89

S2: $1,320.22

S3: $1,314.12

Trading recommendations for today: watch for potential buying opportunities.

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

Source:: Analysis of Gold for January 22, 2018