Analysis of Gold for May 19, 2017

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Recently, Gold has been trading downwards. The price tested the level of $1,246.00. According to the 30M time frame, there is a fake breakout of yesterday’s low, which is a sign that sellers lost downward pressure. There is also a hidden bullish divergence on the ROC oscilator, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of $1,264.00.

Resistance levels:

R1: $1,261.90

R2: $1,266.45

R3: $1,273.80

Support levels:

S1: $1,247.00

S2: $1,242.00

S3: $1,235.00

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com