Analysis of Gold for February 12, 2018

analytics5a816f80b0d6e.png

Recently, the Gold has been trading sideways at the price of $1,320.00. According to the 30M time - frame, I found that rejection of the pivot resistance 2 at the price of $1,328.00, which is a sign that buying looks risky. I also found a breakout of intraday support cluster at $1,322.00, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,316.55 and at the price of $1,310.40.

Resistance levels:

R1: $1,321.89

R2: $1,328.05

R3: $1,333.40

Support levels:

S1: $1,310.38

S2: $1,305.00

S3: $1,298.83

Trading recommendations for today: watch for potential selling opportunities.

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