Source: Forex Analysis
Gold has been trading downwards. As we expected, the price tested the level of $1.272.70. We are expecting bullish correction since the past few days we saw the bearish trend days.
According to the M30 time-frame, we found that sellers got hard time to even test the yesterday’s low at $1.272.70, which is sign that there is not big interest to sell further Gold. We found supporting activity today and stabilization in the price action (Gold found the balance), which is indication for the potential upward correction. Key support is set at the price of $1.272.70. Resistance levels are seen at the price of $1.279.00 and $1.290.00.
Trading recommendation: We are bullish on the Gold from $1.275.00 and with targets at $1.279.60 and $1.290.20. Protective stop is placed below $1.272.00.
The material has been provided by InstaForex Company – www.instaforex.com