Gold made a fake breakout of the 4-day support at the price of $1.320.73, which is a sign that sellers got trapped.
We found a fake breakout of the 4-day low ($1.320.73 and the upward breakout of the 16H balance, which is strong bullish sign. Another confirmation of strength is the bullish divergence on the Stochastic oscillator. Support is seen at the price of $1.316.80 and resistance is at $1.332.95-$1.346.05.
Trading recommendation: We are bullish about Gold from $1.325.00 with the stop at $1.316.00. Upward targets are set at $1.332.95 and $1.346.06.
The material has been provided by InstaForex Company - www.instaforex.com
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