Analysis of Gold for April 04, 2018

analytics5ac4ac11360ef.png

Recently, Gold has been trading upwards. The price tested the level of $1,344.50. According to the 30M time – frame, I found that price rejected of the strong resistance (Fibonacci expansion 61.8% and swing high), which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,338.55 and at the price of $1,328.90.

Resistance levels:

R1: $1,340.55

R2: $1,348.32

R3: $1,354.13

Support levels:

S1: $1,326.95

S2: $1,321.13

S3: $1,313.36

Trading recommendations for today: watch for potential selling opportunities.

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