Analysis of Gold for March 29, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,322.49. According to the 4H time frame, I found that price rejected strongly from the important supply trendline, which is a sign that sellers are in control. Recently, I found a breakout of a bearish pennant pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,307.30 and at the price of $1,302.70.

Resistance levels:

R1: $1,340.05

R2: $1,355.33

R3: $1,363.60

Support levels:

S1: $1.316.47

S2: $1,308.20

S3: $1,292.90

Trading recommendations for today: watch for potential selling opportunities.

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