Analysis of Gold for July 04, 2017

Recently, the Gold has been trading downwards. The price tested the level of $1,218.48. Anyway, according to the 30M time frame, I found potentially hidden buying activity. There is a hidden bullish divergence on the Moving Average Oscillator and there is a strong Relative Strength. My advice is to watch for a potential buying opportunity. I placed Fibonacci retracement to find potential upward targets. I got FR 38.2% at the price of $1,22770, FR 50% at the price of $1,230.50 and FR 61.8% at the price of $1,233.00.

Resistance levels:

R1: $1,238.20

R2: $1,252.00

R3: $1,262.00

Support levels:

S1: $1,214.00

S2: $1,205.00

S3: $1,191.20

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 July 04, 2017