Analysis of gold for August 07, 2017

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Recently, gold has been trading downwards. The price tested the level of $1,254.00. On the daily time frame, I found a broken upward channel, which is a sign that buying looks risky. Also, there is a bearish flip on RSI oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The first downward target is set at the price of $1,245.00.

Resistance levels:

R1: $1,263.00

R2: $1,265.00

R3: $1,266.00

Support levels:

S1: $1,261.00

S2: $1,260.00

S3: $1,259.00

Trading recommendations for today: watch for potential selling opportunities.

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