FX.co ★ Analysis of Gold for June 08, 2018

Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,299.44. According to the H1 time – frame, I found a potential end of bearish (abc) corrective phase, which is a sign that selling look risky. I also found a broken intraday supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,304.00 and at the price of $1,314.15.

Resistance levels:

R1: $1,306.10

R2: $1,310.77

R3: $1,314.25

Support levels:

S1: $1,297.85

S2: $1,294.40

S3: $1,289.65

Trading recommendations for today: watch for potential buying opportunities.