GBP/USD has been trading upwards as we expected. Trading range is broken and the buyers are in control.
As we mentioned yesterday, key resistance of the accumulation trading range at the price of $1.291.00 is finally broken. After the 3-days of the sideways-basing process, the buyers did the successful breakout of the resistance and after that we found the successful test of supply in a low volume, which is good sign for the further higher price. Key short-term support is seen at the price of $1.281.00. Resistance levels are seen at the price of $1.311.00 and $1.320.00.
Trading recommendation: We are long on Gold from $1.296.00 with the targets at $1.311.00 and $1.320.00. Protective stop is placed at $1.281.00.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Analysis of Gold for March 08, 2019