Analysis of Gold for February 21, 2018

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Recently, the Gold has been trading downwards. The price tested the level of $1,325.30. According to the 30M time – frame, I found lower lows and lower highs, which is a sign that sellers are in control. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,322.72 and at the price of $1,315.65.

Resistance levels:

R1: $1,342.26

R2: $1,355.09

R3: $1.361.95

Support levels:

S1: $1,322.70

S2: $1,315.60

S3: $1,302.82

Trading recommendations for today: watch for potential selling opportunities.

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