Analysis of Gold for April 17, 2018

Recently, Gold has been trading sideways at the price of $1,341.00. Anyway, according to the M30 time – frame, I found a successful rejection of Fibonacci retracement 50% at the price of $1,349.00, which is a sign that buying looks risky. I also found a broken channel and rounding top, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,333.35 and at the price of $1,322.50.

Resistance levels:

R1: $1,350.83

R2: $1,355.85

R3: $1,361.17

Support levels:

S1: $1,340.50

S2: $1,335.17

S3: $1,330.15

Trading recommendations for today: watch for potential selling opportunities.

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