Analysis of gold for March 07, 2018 07.03.2018

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Exchange Rates 07.03.2018 analysis

Recently, gold has been trading upwards. The price tested the level of $1,340.42. According to the 30M time-frame, I found a successful rejection of the pivot level ($1,330.84), which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at $1,342.00 and at $1,349.75.

Resistance levels:

R1: $1,342.00

R2: $1.349.75

R3: $1,361.32

Support levels:

S1: $1,323.20

S2: $1,311.78

S3: $1,304.15

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 © 2007-2018

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