Analysis of Gold for September 28, 2017

Recently, Gold has been trading downwards. The price tested the level of $1,277.70. According to the 4H time frame, I found a broken swing low at the price of $1,288.80, which is a sign that buying looks risky. There is also a fake breakout of downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,272.10 and $1,250.00.

Resistance levels:

R1: $1,290.60

R2: $1,293.00

R3: $1,297.50

Support levels:

S1: $1,283.80

S2: $1,279.50

S3: $1,276.90

Trading recommendations for today: watch for potential selling opportunities.

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