Analysis of Gold for April 20, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,339.00. According to the M30 time – frame, I found a breakout of upward channel, which is a sign that sellers are in control. My advice is to watch for potential selling opportunties. The downward targets are set at the price of $1,333.40 and at the price of $1,324.50 (Fibonacci expansion 100%).

Resistance levels:

R1: $1,353.15

R2: $1,360.85

R3: $1,366.95

Support levels:

S1: $1,339.35

S2: $1,333.26

S3: $1,325.57

Trading recommendations for today: watch for potential selling opportunities.

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