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Analysis of Gold for May 02, 2018

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Recently, Gold has been trading upawards. The price tested the level of $1,311.50. Anyway, according to the M30 time – frame, I found a potential bearish flag in progress, which is a sign that buying looks risky. I also found a rejection of the resistance at the price of $1,310.00, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm a further downward continuation. The downward target is set at the price of $1,301.50. If there is no breakout of the bearish flag, Gold can still go higher and potentially test the level of $1,313.20.

Resistance levels:

R1: $1,312.95

R2: $1,321.95

R3: $1,327.50

Support levels:

S1: $1,298.40

S2: $1,292.82

S3: $1,283.83

Trading recommendations for today: watch for potential selling opportunities.

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