Analysis of Gold for October 12, 2018

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Recently, Gold has been trading upwards with the strong momentum. The price tested the level of $1,225.90. According to the H1 time – frame, I found the breakout of the 30-day bullish flag (bullish pattern) in the background, which is a sign that buyers are in control. I also found the end of the downward correction (regular flat), which is a strong sign of strength. Most recently, I have found a breakout of the intraday bullish flag, which is a good sign to establish long positions. The upward take profit levels are set at the price of $1,233.85 and at the price of $1,266.00.

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

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