Analysis of Gold for January 11, 2018

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Recently, Gold has been trading sideways at the price of $1,319.00. According to the 30M time – frame, I found a successful rejection of resistance at the prrice of $1,325.00, which is a sign that buying looks risky. I also found a bearish flag in creation and my advice is to watch for potential selling opportunities. The projected downward target is set at the price of $1308.00.

Resistance levels:

R1: $1.328.00

R2: $1,338.00

R3: $1,347.50

Support levels:

S1: $1,308.00

S2: $1,299.45

S3: $1,289.35

Trading recommendations for today: watch for potential selling opportunities.

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