Analysis of Gold for September 01, 2017

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Recently, Gold has been trading upwards. The price tested the level of $1,328.85 in an ultra high volume. According to the 30M time frame, I found a wide spread bar in an ultra high volume (buying climax), which represents a strong sign of weakness. There is also a fake breakout of a resistance cluster, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downawrd targets are set at the price of $1,315.00 and $1,305.00.

Resistance levels:

R1: $1,333.45

R2: $1.344.60

R3: $1,360.20

Support levels:

S1: $1,306.65

S2: $1,291.00

S3: $1,279.95

Trading recommendations for today: watch for potential selling opportunities.

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