Analysis of gold for January 12, 2018

Source: Forex Analysis

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Recently, gold has been trading upwards. The price tested the level of $1,333.15. According to the 4H time frame, I found a broken 7-day rectangle, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward projcted targets for the rectangle pattern are set at $1,341.00 and $1,348.00.

Resistance levels:

R1: $1,326.15

R2: $1,329.50

R3: $1,334.60

Support levels:

S1: $1,317.40

S2: $1,312.50

S3: $1,308.90

Trading recommendations for today: watch for potential buying opportunities.

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