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Long-term review

Exchange Rates 13.04.2017 analysis

Recently, the Gold has been trading upwards. The price tested the level of $1,288.58. According to the 4H time frame, I found that price has broken the medium line of the upward channel, which is a sign that Gold may continue upward movement. The first downward target is set at the price of $1,306.00. Anyway,I have placed Fibonacci expansion to find potential short – term target. I got Fibonacci expansion 100% at the price of $1,335. My advice is to watch for potential buying opportunities.

Resistance levels:

R1: $1,289.00

R2: $1,290.00

R3: $1,291.00

Support levels:

S1: $1,286.00

S2: $1,285.00

S3: $1,283.80

Trading recommendations for today: watch for potential buying opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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