Analysis of Gold for April 11, 2018

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Recently, the Gold has been trading upwards. The price tested the level of $1,344.00. Anyway, according to the H1 time – frame, I found a potential rising wedge in creation, which is sign that buying looks risky. I also found a rejection of the major resistance in the background, which is another sign of weakness. My advice is to watch for potential breakout of a lower diagonal to confirm further downward movement. The first downward target Is set at the price of $1,338.85. The major target is set at the price of $1,320.00.

Resistance levels:

R1: $1,344.40

R2: $1,349.23

R3: $1,355.75

Support levels:

S1: $1,332.91

S2: $1,326.26

S3: $1,321.42

Trading recommendations for today: watch for potential selling opportunities.

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