FX.co ★ Analysis of Gold for May 23, 2017

Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,263.75. Anyway, according to the 30M time frame, I found a fake breakout of yesterday's high at the price of $1,262.60, which is a sign that buying today seems risky. There is also a hidden bearish divergence on the moving average osiclator, which is another sign of weakness. My advice is to watch for potential selling opportunities today. The downward target is set at the price of $1,252.00.

Resistance levels:

R1: $1,262.10

R2: $1,263.30

R3: $1,265.00

Support levels:

S1: $1,258.50

S2: $1,257.40

S3: $1,255.60

Trading recommendations for today: watch for potential selling opportunities.