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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Analysis of Gold for January 22, 2018

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Recently, Gold has been trading sideways at the price of $1,331.00. According to the 30M time - frame, I found successful rejection of the upward trendline (support), which is a sign that selling looks risky. I also found a potential bullish flag in progress and a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The first upward target is set at the price of $1,337.00.

Resistance levels:

R1: $1,337.66

R2: $1,343.75

R3: $1,349.40

Support levels:

S1: $1,325.89

S2: $1,320.22

S3: $1,314.12

Trading recommendations for today: watch for potential buying opportunities.

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