Analysis of gold for May 24, 2017

Recently, the gold has been trading downwards. As I expected, the price tested the level of $1,248.00. Anyway, on the 15M time frame, I found a fake breakout of the yesterday's low at the price of $1,249.80. There is also a hidden bullish divergence on the moving average osiclator, which is another sign of potential strength. My advice is to watch for buying opportunities. I have placed Fibonacci retracement to find potential upward targets. I got Fibonacci retracement 50% at the price of $1.255.55 and Fibonacci reracement 61.8% at the price of $1,257.40. The final target is set at $1,262.50.

Resistance levels: R1: $1.261.70 R2: $1,264.80 R3: $1,270.00 Support levels: S1: $1,251.50 S2: $1,248.40 S3: $1,243.50

Trading recommendations for today: watch for potential buying opportunities.

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