Analysis of Gold for May 08, 2018

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Recently, Gold has been trading sideways at the price of $1,311.00. According to the H1 time – frame, I found a breakout of a smaller bearish flag in the background, which is a sign that there is a room for at least one downward leg. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward targets are set at the price of $1,307.50 and at the price of $1,301.60.

Resistance levels:

R1: $1,318.65

R2: $1,323.15

R3: $1,327.35

Support levels:

S1: $1,309.95

S2: $1,305.75

S3: $1,301.25

Trading recommendations for today: watch for potential selling opportunities.

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