Analysis of Gold for April 13, 2018

analytics5ad075d9eaffe.png

Recently, Gold has been trading downawrds. As I expected, the price tested the level of $1,334.38. Accoridng to the M30 time – frame, I found a broken bullish support line in the background, which is a sign that sellers took control from the buyers. Currently, Gold is trading in the corrective mode and a potential bearish pennant is in creation. My advice is to watch for a potential breakout of pennant to confirm potential bearish continuation. The downward target is set at the price of $1,322.40.

Resistance levels:

R1: $1,347.50

R2: $1,360.10

R3: $1,366.97

Support levels:

S1: $1,328.10

S2: $1,321.22

S3: $1,308.68

Trading recommendations for today: watch for potential selling opportunities.

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