Gold has been trading sideways at the price of $1.286.90. Accumulation is in progress.
After the period of the downward movement, Gold did start the basing (accumulation process), which is a sign that selling looks very risky and that we may expect upward movement. The key short-term resistance is set at the price of $1.290.00. The key support is seen at the price of $1.281.00.
Trading recommendation: We will buy gold if we see a breakout of the $1.290.00 with targets at $1.296.65 and $1.311.29.
The material has been provided by InstaForex Company - www.instaforex.com
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