Analysis of Gold for February 02, 2018

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Recently, Gold has been trading sideways at the price of $1,344.00. Anyway, according to the 30M time – frame, I found a successful rejection of strong resistance cluster at the price of $1,347.00, which is a sign that buying looks risky. I also found a bearish momentum, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,337.00 and at the price of $1,335.00.

Resistance levels:

R1: $1,354.15

R2: $1,359.48

R3: $1,367.90

Support levels:

S1: $1,340.35

S2: $1,331.92

S3: $1,326.57

Trading recommendations for today: watch for potential selling opportunities.

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