Gold has been trading downwards. The price tested the level of $1.282.80.
According to the H1 time – frame, we found bullish divergence on the Stochastic oscillator in creation, which is a sign that selling looks risky and that a potential corrective rally is possible. Key intraday support is seen at $1.282.80. Intraday resistance levels are seen at $1.289.40, $1.296.78 and $1.311.40.
Trading recommendation: We exited our second half of position with a good profit. Now, we are neutral but with intraday bullish bias if Gold breaks the first resistance at $1.289.40.
The material has been provided by InstaForex Company - www.instaforex.com
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