Gold has been trading sideways at the price of $1.305.60. The trend is bullish.
According to the H1 timeframe, we have found that Gold found support at the price of $1.305.53 (Fibonacci retracement 38.2%) and the upward trendline, which is a sign that Gold is in a steady upward trend and you should focus on long positions. A daily cycle is in the bullish mode, which adds more potential strength. Key support levels are seen at the price of $1.305.00 and $1.302.00 (Fibonacci confluence). Resistance levels are seen at the price of $1.310.00 and $1.321.00 (Fibonacci expansion 100$)
Trading recommendation: We exited short position and entered long from $1.306.40. Protective stop is placed at $1.298.50 and main target at $1.321.00.
The material has been provided by InstaForex Company - www.instaforex.com