FX.co ★ Analysis of Gold for May 28, 2018

Recently, the Gold has been trading downwards. The price tested the level of $1,295.00. Anyway, according to the H1 time – frame, I found a potential end of the downward correction (abc), which is a sign that selling looks risky. I also found the upward trendline on the test, which is another sign of potential strength. My advice is to watch for a potential breakout of the supply trendline to confirm a further upward movement. The upward target is set at the price of $1,310.50.

Resistance levels:

R1: $1,310.00

R2: $1,301.90

R3: $1,303.90

Support levels:

S1: $1,296.30

S2: $1,294.30

S3 : $1,292.50

Trading recommendations for today: watch for potential buying opportunities.