Gold has been trading downwards. The price tested the level of $1.270.77. Anyway, we expect potential bullish correction and upward momentum.
According to the daily time-frame, we found that there is the bullish divergence on the 3/10 oscillator, which is sign that selling looks risky. We also found that Gold didn't correct upward for 5 days and we should expect some up days in the next period. Key resistance level and upward target is seen at the price of $1.290.50. Key support level for now is set at $1.271.00.
Our recommendation: Watch for potential buying opportunities on the dips. Upward targets are set at $1.281.10 and $1.290.00. Protective stop can be placed below $1.270.00.
The material has been provided by InstaForex Company - www.instaforex.com
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