Analysis of Gold for June 13, 2018

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Recently, the Gold has been trading downwards. The price tested the level of $1,291.67. Anyway, according to the H1 time frame, I found a potential end of downward correction, which is a sign that selling at this stage looks risky. My advice is to watch for potential breakout of intraday supply trendline to confirm upward movement. If you see a valid breakout of supply trendline watch for buying opportunities. The upward target is set at the price of $1,300.00.

Resistance levels:

R1: $1,302.90

R2: $1,306.70

R3: $1,309.80

Support levels:

S1: $1,296.00

S2: $1,294.40

S3: $1,289.80

Trading recommendations for today: watch for potential buying opportunities if you see a valid breakout of supply trendline.

The material has been provided by InstaForex Company – www.instaforex.com