FX.co ★ Analysis of gold for February 20, 2018

Recently, gold has been trading downwards. The price tested the level of $1,336.00. According to the 30M time frame, I found that the price is trading in the downward channel, which is a sign that sellers are in control. I also found a broken bearish pennant in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,330.00.

Resistance levels:

R1: $1,350.07

R2: $1,353.52

R3: $1,355.65

Support levels:

S1: $1,344.49

S2: $1,342.35

S3: $1,338.91

Trading recommendations for today: watch for potential selling opportunities.