Analysis of Gold for March 05, 2018

Recently, Gold has been trading upwards. The price tested the level of $1,327.00. Anyway, according to the 30M time – frame, I found a broken bearish pennant, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,317.70 and at the price of $1.303.00.

Resistance levels:

R1: $1,326.68

R2: $1,331.20

R3: $1,336.90

Support levels:

S1: $1,316.45

S2: $1,310.75

S3: $1,306.25

Trading recommendations for today: watch for potential selling opportunities.

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