FX.co ★ Analysis of Gold for May 15, 2017

Recently, Gold has been trading sideways at the price of $1,228.00. According to the daily time frame, I found a broken sideways range today, which is a sign that selling looks risky. I also found hidden bullish divergence on the 2-period rate of change, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,240.00 and $1,1245.30 (Fibonacci retracement 38.2%).

Resistance levels:

R1: $1,232.50

R2: $1,233.50

R3: $1,235.00

Support levels:

S1: $1,230.40

S2: $1,228.40

S3: $1,226.90

Trading recommendations for today: watch for potential buying opportunities.