Analysis of Gold for April 03, 2018

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Recently, the Gold has been trading upwards. The price tested the level of $1,344.26. Anyway, according to the 30M time – frame, I found the rejection of major Fibonacci retracement 61.8% at the price of $1,343.00 in the background, which is a sign that buyers got exhausted. I also found a hidden bearish divergence on 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 $1,322.60.

Resistance levels:

R1: $1,349.22

R2: $1,357.15

R3: $1,369.35

Support levels:

S1: $1,329.10

S2: $1,316.90

S3: $1,309.00

Trading recommendations for today: watch for potential selling opportunities.

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