Analysis of Gold for September 14, 2017

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Recently, the Gold has been trading downwards. The price tested the level of $1,316.80 in a high volume. According to the 30M time frame, I found that price is trading inside of a downward channel, which is a sign that buying looks risky. I have placed Fibonacci expansion to find potential downward targets. I got FE 61.8% at the price of $,1313.40 and FE 100% at the price of $1,300.00. My advice is to watch for potential selling opportunities.

Resistance levels:

R1: $1,337.00

R2: $1,347.00

R3: $1,353.50

Support levels:

S1: $1,321.35

S2: $1,315.45

S3: $1,305.00

Trading recommendations for today: watch for potential selling opportunities.

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