Gold analysis for February 27, 2017

Recently, gold has been trading sideways at the price of $1,254.70. According to the 4H time frame, I found inside bars formation, which is a sign of indecision. The price is trading in range between the price of $1,260.00 (resistance) and the price of $1,252.30 (support). Watch for breakout of support or resistance to confirm further direction. Downward targets are set at the price of $1,248.00, $1,246.20, and $1,237.00. The upward target is set at the price of $1,268.00.

Resistance levels:

R1: $1,258.00

R2: $1,258.80

R3: $1,259.90

Support levels:

S1: $1,255.70

S2: $1,255.00

S3: $1,253.90

Trading recommendations for today: watch for breakout of support or resistance to confirm further direction.

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

Source:: Gold analysis for February 27, 2017