Analysis of Gold for November 13, 2017

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Recently, Gold has been trading sideways at the price of $1,277.45. According to the 30M time – frame, I found broken intraday bearish flag below the pivot level ($1,278.75), which is a sign that buying looks risky. I also found 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 $1,270.60 (pivot support 1) and at the price of $1,265.25.

Resistance levels:

R1: $1,284.05

R2: $1,292.40

R3: $1,297.65

Support levels:

S1: $1,270.45

S2: $1,265.25

S3: $1,256.80

Trading recommendations for today: watch for potential selling opportunities.

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