Analysis of Gold for April 26, 2018

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Recently, the Gold has been trading sideways at the price of $1,322.00. Anyway, according to the H4 time-frame, I found strong supply in the background and weak buyers, which is a sign that buying looks risky. ADX indicator decreased on the rallies, which is a sign that buyers are weak. I also found a successful rejection of 20 EMA in the backgorund, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,307.00.

Resistance levels:

R1: $1,330.64

R2: $1,337.99

R3: $1,343.90

Support levels:

S1: $1,317.38

S2: $1,311.47

S3: $1,304.12

Trading recommendations for today: watch for potential selling opportunities.

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