Analysis of Gold for May 03, 2018

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Recently, the Gold has been trading upwards. The price tested the level of $1,317.65. Anyway, according to the M30 time frame, I found a potential end of the upward correction (ABC flat), which is a sign that buying looks risky. I also found that sellers respected the upward diagonal in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,306.00.

Resistance levels:

R1: $1,311.03

R2: $1.317.31

R3: $1,321.12

Support levels:

S1: $1,300.95

S2: $1,297.13

S3: $1,290.85

Trading recommendations for today: watch for potential selling opportunities.

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