FX.co ★ Analysis of Gold for May 29, 2018

Recently, the Gold has been trading upwards. As I expected, the price tested the level of $1,297.00. According to the H1 time – frame, I found a rejection of the support trendline, which is a sign that selling looks risky. My advice is to watch for a potential bullish flag and then for buying opportunities. The upward targets are set at the price of $1,310.50 and at the price of $1,316.00.

Resistance levels:

R1: $1,299.95

R2: $1,302.35

R3: $1,304.95

Support levels:

S1: $1,295.00

S2: $1,292.35

S3: $1,289.50

Trading recommendations for today: watch for potential buying opportunities.