Analysis of Gold for March 01, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,310.57 and met my first objective target. According to the 30M time frame, I found that price has broken the bearish flag pattern and support at the price of $1,313.50, which is a sign that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the priceo f $1,295.30.

Resistance levels:

R1: $1,321.87

R2: $1,325.67

R3: $1,328.80

Support levels:

S1: $1,314.95

S2: $1,311.83

S3: $1,308.05

Trading recommendations for today: watch for potential selling opportunities.

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