Analysis of Gold for October 26, 2017

Recently, the XAU/USD has been trading upwards. The price tested the level of $1,282.57. Anyway, according to the 15M time – frame, I found that there is a breakout of intraday rising wedge in the background, which is a sign that buying looks risky. There is also a fake breakout of pivot resistance 1 at the price of $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 $1,272.00 (S1) and the price of $1,267.00 (S2).

Resistance levels:

R1: $1,281.00

R2: $1,285.20

R3: $1,290.30

Support levels:

S1: $1,272.30

S2: $1,267.30

S3: $1,263.20

Trading recommendations for today: watch for potential selling opportunities.

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