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Analysis of Gold for October 02, 2017

analytics59d2337a5bfe6.png

Recently, the Gold has been trading downwards. As I expected, the price tested the level of $1,271.95. According to the 4H time frame, I found a fake breakout of the downward channel in the background, which is a sign that buying looks risky. There is a successful breakout of Friday's low at the price of $1,277.65, which is another sign of weakness. Sellers are in control and my advice is to watch for potential selling opportunities. The downward target is set at the price of $1,245.20 (Fibonacci expansion 100%).

Resistance levels:

R1: $1,278.50

R2: $1,280.00

R3: $1,282.45

Support levels:

S1: $1,274.80

S2: $1,272.53

S3: $1,271.00

Trading recommendations for today: watch for potential selling opportunities.

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