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Gold analysis for December 09, 2016

analytics584aa1d7c6a58.png

Recently, gold has been moving downwards. As I expected, the price tested the level of $1,163.20 in a high volume. My targets from yesterday has been met. According to the 30M time frame, I found strong selling presure and watch for selling opportunities. Downward target is set at the price of $1,157.00. Supply cluster I mentoned yesterday was very strong resistance.

Resistance levels:

R1: 1,175.90

R2: 1,177.80

R3: 1,180.90

Support levels:

S1: 1,168.90

S2: 1,166.80

S3: 1,163.20

Trading recommendations for today: Watch for potential selling opportunities.

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