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FX.co ★ Analysis of Gold for April 17, 2018

Analysis of Gold for April 17, 2018

Analysis of Gold for April 17, 2018

Recently, Gold has been trading sideways at the price of $1,341.00. Anyway, according to the M30 time – frame, I found a successful rejection of Fibonacci retracement 50% at the price of $1,349.00, which is a sign that buying looks risky. I also found a broken channel and rounding top, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,333.35 and at the price of $1,322.50.

Resistance levels:

R1: $1,350.83

R2: $1,355.85

R3: $1,361.17

Support levels:

S1: $1,340.50

S2: $1,335.17

S3: $1,330.15

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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