Gold analysis for March 28, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,338.54. According to the 4H time – frame, I found that the supply trendline in the backgorund held successfully, which is a sign that sellers are in control. I also found overbought RSI 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 $1,337.55, $1,331.75 and at the price of $1,325.00.

Resistance levels:

R1: $1,354.39

R2: $1,364.10

R3: $1,371.36

Support levels:

S1: $1,337.42

S2: $1,330.16

S3: $1,320.45

Trading recommendations for today: watch for potential selling opportunities.

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