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FX.co ★ Analysis of gold for January 17, 2017

Analysis of gold for January 17, 2017

Analysis of gold for January 17, 2017

Recently, gold has been trading sideways at the price of $1,218.80, heading upwards. On the 15M time frame, I found a bearish engulfing pattern and price action resistance. There is also a broken upward trendline, which is a sign that buyers lost power. Intraday trend is still upward but I see potential downward corection. Downward targets are set at the levels of $1,212.40 and $1,209.40.

Resistance levels:

R1: 1,207.00

R2: 1,209.00

R3: 1,212.20

Support levels:

S1: 1,200.95

S2: 1,198.00

S3: 1,195.30

Trading recommendations for today: broken upward trendline and bearish enguling bars can be seen on the 15M time frame. Watch for potential selling opportunties.

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