Analysis of Gold for November 01, 2017

Recently, the Gold has been trading sideways at the price of $1,274.00. According to the 15M time — frame, I found strong rejection from the upward trendline (re-test), which is sign that buying looks risky. The price also rejected near pivot resistance 2 at $1,282.00, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,266.35 and at the price of $1,263.55.

Resistance levels:

R1: $1,276.75

R2: $1,282.70

R3: $1,287.20

Support levels:

S1: $1,266.35

S2: $1,261.80

S3: $1,255.87

Trading recommendations for today: watch for potential selling opportunities.

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