Analysis of Gold for August 17, 2017

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Recently, the Gold has been trading upwards. The price has tested the level of $1,290.00. According to the 30M time frame, I found a breakout of rising channel and confirmed double top formation, which is a sign that buying looks risky. I also found series of doji candles in the creation of double top formatin, which is another sign that buyers got exhausted. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,281.00 and $1,276.50.

Resistance levels:

R1: $1,290.55

R2: $1,298.40

R3: $1,307.00

Support levels:

S1: $1,274.30

S2: $1,265.50

S3: $1,257.95

Trading recommendations for today: watch for potential selling opportunities.

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