Analysis of Gold for October 30, 2017

Recently, the Gold has been trading sideways at the price of $1,271.00. According to the 15M time — frame, I found broken intraday bearish flag formation, which is sign that buying looks risky. I also found broken pivot level at $1,270.36, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,267.00 (pivot support 1) and at the price of $1,260.50 (pivot support 2).

Resistance levels:

R1: $1,277.00

R2: $1,280.45

R3: $1,287.00

Support levels:

S1: $1,267.00

S2: $1,260.50

S3: $1,256.85

Trading recommendations for today: watch for potential selling opportunities.

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