Analysis of Gold for February 22, 2018

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Recently, the Gold has been trading downwards. As I expected, the price tested the level of $1,321.00. According to the 30M time – frame, I found that price is trading inside of the multiday downward channel, which is a sign that sellers are in control. I also found weak rally and weak demand, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,317.50.

Resistance levels:

R1: $1,333.00

R2: $1,341.54

R3: $1,346.84

Support levels:

S1: $1,319.16

S2: $1,313.85

S3: $1,305.30

Trading recommendations for today: watch for potential selling opportunities.

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