Analysis of Gold for March 06, 2018

Recently, Gold has been trading sideways at the price of $1,312.00. According to the 30M time – frame, I found a successful rejection of the pivot level ($1,321.00), which is a sign that selling looks risky. I also found bullish breakout of 2-hour balance, whch is another sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,326.18 and at the price of $1,331.95.

Resistance levels:

R1: $1,326.18

R2: $1.331.95

R3: $1.336.40

Support levels:

S1: $1,315.97

S2: $1,311.65

S3: $1,305.75

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 March 06, 2018