Analysis of Gold for March 08, 2018

Recently, Gold has been trading downwards. The price tested the level of $1,322.00. According to the 30M time – frame, I found a valid breakout of the intraday bearish pennant pattern, which is a sign that sellers are in control. I also found that price failed to test pivot level at ($1,329.40), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward tarrgets are set at the price of $1,318.35 and at the price of $1,311.25.

Resistance levels:

R1: $1,336.62

R2: $1,347.70

R3: $1,354.93

Support levels:

S1: $1,318.35

S2: $1,311.25

S3: $1,300.00

Trading recommendations for today: watch for potential selling opportunities.

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