Analysis of Gold for April 12, 2018

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Recently, Gold has been trading upwards. The price tested the level of $1,364.80. Anyway, according to the H4 time – frame, I found a fake breakout of resistance in the background, which is a sign that buying got trapped. I also found a bearish flip on 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 $1,322.40.

Resistance levels:

R1: $1,365.95

R2: $1,378.70

R3: $1,392.13

Support levels:

S1: $1,339.75

S2: $1,326.33

S3: $1,313.56

Trading recommendations for today: watch for potential selling opportunities.

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