Gold has been trading upwards in pat 12 hours as we expected. The price tested the level of $1.299. We are still expecting upside.
According to the H4 time-frame, we found that there is the breakout of the bullish flag and the rejection of the 20EMA, which is sign for the potential upside continuation. There is also a rising momentum on the MACD oscillator, which is another sign of the potential strength. Watch for buying opportunities with the target at $1.310.
Upward references are set:
Previous day high – $1.303
Daily swing high – $1.310
Downward references are set:
Swing low – $1.292
Resistance became support – $1.288
The material has been provided by InstaForex Company – www.instaforex.com