Analysis of Gold for October 27, 2017

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Recently, the Gold has been trading downwards. The price tested the level of $1,264.00. According to the 15M time – frame, I found that price is trading below the pivot level $1,271.00, which is a sign that sellers are in control today. There is also a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,261.00 (S1) and $1,255.00 (S2).

Resistance levels:

R1: $1,277.83

R2: $1,288.60

R3: $1,294.65

Support levels:

S1: $1,261.00

S2: $1,255.00

S3: $1,244.00

Trading recommendations for today: watch for potential selling opportunities.

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