FX.co ★ Analysis of Gold for April 23, 2018

Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,329.00. According to the H1 time – frame, I found a breakout of the upward channel, which is a sign that sellers are in control. I also found a very consistent supply, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,342.20, $1,319.80 and at the price of $1,305.20.

Resistance levels:

R1: $1,342.90

R2: $1,350.27

R3: $1,354.25

Support levels:

S1: $1,331.58

S2: $1,327.61

S3: $1,320.25

Trading recommendations for today: watch for potential selling opportunities.