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Gold analysis for February 23, 2017

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Recently, the Gold has been trading upwards. The price tested the level $1,239.00. According to the 15-minute time frame, I found a small upward channel and a strong resistance cluster around the $1,239.00 level. My advice is to watch for a potential breakout of the upward channel to confirm the downward direction. The first target is set at the price of $1,235.80.

Resistance levels:

R1: $1,236.70

R2: $1,238.30

R3: $1,240.90

Support levels:

S1: $1,231.50

S2: $1,229.90

S3: $1,227.30

Trading recommendations for today: Wait for potential breakout of upward channel for potential selling positions.

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