Gold has been trading upwards at the price of $1.341 in past 6 hours. We expect still more upside during the day due to bullish divergence on the MACD oscillator (hourly chart). Low is set for the day at the price of $1.332.
Orange rectangle - horizontal resistance 1 ($1.342)
Pink rectangle- horizontal resistance 2 ($1.349)
Red rectangle – horizontal resistance 3 ($1.354)
Orange moving average – 20 EMA
Bullish divergence on the MACD oscillator on the hourly chart did set the bullish tone so far for today and we see more upside potential on the Gold till end of the day. Resistance levels are seen at $1.342, $1.349 and $1.354. Important swing low for today is set at $1.332. Watch for buying opportunities on the pullbacks.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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