Analysis of Gold for February 07, 2018

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Recently, Gold has been trading downwards. The price tested the level of $1,322.45. According to the 30M time – frame, I found a successful rejection of the pivot level at the price of $1,330.23, which is a sign that sellers are in control. I also found a hidden bearish divegence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets are set at the price of $1,314.60 and at the price of $1,304.50.

Resistance levels:

R1: $1,340.22

R2: $1,356.11

R3: $1,366.10

Support levels:

S1: $1,314.60

S2: $1,304.50

S3: $1,288.46

Trading recommendations for today: watch for potential selling opportunities.

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