FX.co ★ Analysis of gold for June 04, 2018

Recently, the gold has been trading downwards. The price tested the level of $1,293.00. According to the H1 time frame, I found a potential end of the downward correction phase (abc), which is a sign that selling looks risky. I also found a broken intraday supply trendline, which is a sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $1,314.25.

Resistance levels:

R1: $1,298.10

R2: $1,299.40

R3: $1,300.20

Support levels:

S1: $1,296.00

S2: $1,295.20

S3: $1,293.20

Trading recommendations for today: watch for potential buying opportunities.