FX.co ★ Gold analysis for January 24, 2017

Recently, gold has been trading sideways at the price of $1,213.00. In the Daily time frame and using the Ichimoku cloud, I found that price is in the Ichimoku Cloud (equilibrium). The trend according to the daily time frame is neutral to bearish. According to the 30M time frame, I found potential double top formation and bearish divergence on Moving Average Oscilator, which is a sign of weakness. Anyway, to confirm this view price should break the level of $1,209.30. If the price breaks the level of $1,209.30, Gold may visit the level of $1,199.00 - $1,196.00.

Resistance levels:

R1: 1,215.75

R2: 1,216.50

R3: 1,219.35

Support levels:

S1: 1,212.15

S2: 1,209.30

S3: 1,208.50

Trading recommendations for today: Watch for potential selling opportunities.