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Today's market is waiting for more information from FED on the FOMC meeting minutes. That is main reason why the Gold is trading sideways at the price of $1,503.
Further development
Analyzing the current trading activity, we can see that Gold did breakout the downward channel in the background and that there is potential for the ABC completion, which is sign that further upside is still present. As long as the Gold is trading above the $1,493, I would watch for buying opportunities.
Based on the available information, it is possible to decompose a number of variations, let's consider them:
- Positions for the purchase will be considered in the case of the breakout above the $1,508 with targets at $1,515 and $1,527.
- Positions for sale are considered only in case of the strong breakout of the low at $1,493.
It is more likely that we will have an up breakout...
Indicator Analysis
MACD indicator is showing that the slow line turned upward and there is decreasing in the downward momentum, which is positive sign for the further upside.
ADX oscillator is showing reading above the 30 and rising, which is another great sign for rally.
Bollinger band – There is potential breakout of the upper Bollinger band on the 30 minute time-frame.
Daily pivot levels:
S3 S2 S3 P R1 R2 R3
| 1397.54 | 1453.42 | 1483.43 | 1509.3 | 1539.31 | 1565.18 | 1621.06 |
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