Analysis of Gold for September 27, 2017

Recently, Gold has been trading downwards. The price tested the level of $1,282.00. According to the 4H time frame, I found a breakout of previous week low at the price of $1,289.00, which is a sign that sellers are in control. I also found a fake breakout of the downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downawrd targets are set at the price of $1,272.00 and $1,250.00 (both targets are based on Fibonacci wrok).

Resistance levels:

R1: $1,314.00

R2: $1,326.50

R3: $1,336.40

Support levels:

S1: $1,292.18

S2: $1,282.60

S3: $1.270.00

Trading recommendations for today: watch for potential selling opportunities.

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