FX.co ★ Analysis of gold for January 19, 2017

Recently, gold has been trading downwards. The price tested the level of $1,197.39. On the 30M time frame, I found strong Fibonacci resistance levels near the price of $1,204.50. There is corrective Fibonacci expansion 100% and Fibonacci retracement 38.2%. My advice is to watch for potential selling opportunities. Stochastic seems to be overbought, which is a sign that gold may go lower. I placed Fibonacci expansion to find potential downward objective points. I got Fibonacci expansion 61.8% at the price of $1,194.20 and Fibonacci expansion 100% at the price of $1,187.45.

Resistance levels:

R1: 1,214.15

R2: 1,216.65

R3: 1,221.30

Support levels:

S1: 1,205.85

S2: 1,202.50

S3: 1,198.10

Trading recommendations for today: watch for selling opportunities.