Analysis of Gold for October 11, 2017

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Recently, Gold has been trading sideways at the price of $1,289.00. According to the 15M time - frame, I found that price has broken the upward channel in the background, which is a sign that buying looks risky. I also found a bearish flag (bearish pattern) in creation, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $1,286.70, $1,282.30 and $1,279.50.

Resistance levels:

R1: $1,293.25

R2: $1,294.75

R3: $1,296.60

Support levels:

S1: $1,289.90

S2: $1,288.00

S3: $1,286.50

Trading recommendations for today: watch for potential selling opportunities.

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