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FX.co ★ Analysis of Gold for November 07, 2017

Analysis of Gold for November 07, 2017

Analysis of Gold for November 07, 2017

Recently, Gold has been trading sideways at the price of $1,276.00. According to the 15M time – frame, I found a supply trendline, which is holding. It also indicates that sellers are in control today. There is also a breakout of the pivot level of $1,276.95, which is another sign that there is weakness in the background. My advice is to watch for potential selling opportunties. The downward tarrgets are set at the price of $1,271.10 (pivot support 1) and at the price of $1,265.50 (swing low).

Resistance levels:

R1: $1,287.83

R2: $1,293.80

R3: $1,304.70

Support levels:

S1: $1,270.97

S2: $2,260.10

S3: $1,254.11

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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