Gold has been trading sideways at the price of $1.285.83. Accumulation phase is potentially in progress.
According to the H1 time – frame, we found that market is trading in a defined trading range with the resistance at $1.290.00 and support at $1.282.00. After the period of a downward movement, Gold started the basing process (accumulation), which may result in the upward movement and a rally on Gold. The successful breakout of the $1.290.00 would confirm a further upward movement and a potential test of $1.296.80 and $1.311.48.
Trading recommendation: We are neutral on Gold now but we will watch for buying opportunities if we see the breakout or $1.290.00, with the target at $1.296.8-$1.311.48.
The material has been provided by InstaForex Company - www.instaforex.com
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