Analysis of Gold for February 09, 2018

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Recently, the Gold has been trading sideways at the price of $1,316.00. According to the 30M time - frame, I found confirmed head and shoulders pattern (bearish) in the background, which is a sign that seller is in control today. The price also respects a pivot level at the $1,316.00 which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,310.00 and at the price of $1,301.00.

Resistance levels:

R1: $1,324.98

R2: $1.331.12

R3: $1,340.07

Support levels:

S1: $1.310.00

S2: $1,301.00

S3: $1,294.77

Trading recommendations for today: watch for potential selling opportunities.

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