Analysis of Gold for February 26, 2018

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Recently, the Gold has been trading upwards. The price tested the level of $1,341.06. Anyway, according to the 30M time – frame, I found a rejection of the upper diagonal, which is a sign that buying looks risky. I also found the overbought condition of the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,332.25.

Resistance levels:

R1: $1,338.40

R2: $1,335.28

R3: $1,332.06

Support levels:

S1: $1,325.70

S2: $1,322.60

S3: $1,319.40

Trading recommendations for today: watch for potential selling opportunities.

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