Analysis of gold for October 31, 2017

Recently, gold has been trading sideways at the price of $1,273.50. According to the 15M timeframe, I found a broken support cluster and the pivot level lies at the price of $1,274.70, which is a sign that sellers are in control today. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for potetnial selling opportunities. The downward targets are set at $1,270.60 (pivot support 1) and $1,265.00 (pivot support 2).

Resistance levels:

R1: $1,280.45

R2: $1,284.58

R3: $1,290.31

Support levels:

S1: $1,270.60

S2: $1,265.00

S3: $1,260.70

Trading recommendations for today: watch for potential selling opportunities.

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