Analysis of Gold for October 18, 2017

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Recently, Gold has been trading downwards. The price tested the level of $1,278.90. According to the 15M time - frame, I found that sellers are in control and that pivot support 1 at the price of $1,278.95 is on the test. If the price breaks the S1, watch for potentential selling opportunities. The downward targets are set at the price of $1,273.00 (S2) and $1,264.1 (S3). Short - term trend is bearish. MACD is trading below the zero level, which is another sign that sellers are in control.

Resistance levels:

R1: $1,293.80

R2: $1,302.50

R3: $1,308.70

Support levels:

S1: $1,278.95

S2: $1,273.00

S3: $1,264.10

Trading recommendations for today: watch for potential selling opportunities.

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