Gold analysis for September 15, 2017

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Recently, Gold has been trading sideways at the price of $1,310.00. Anyway, according to the 30M time frame, I found that sellers are in contorl and that price is trading inside of the downward channel. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of $1,310.00 and Fibonacci expansion 100% at the price of $1,294.00. Watch for potential selling opportunities.

Resistance levels:

R1: $1,335.00

R2: $1,338.50

R3: $1,340.80

Support levels:

S1: $1,329.25

S2: $1,326.50

S3: $1,324.00

Trading recommendations for today: watch for potential selling opportunities.

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