FX.co ★ Gold analysis for January 25, 2017

Recently, gold has been trading downwards. As I expected, the price tested the level of $1,193.60. According to the 30M time frame, I found bearish divergence on a Moving Average Oscilator, which is a sign of weakness. My advice is to watch for selling opportunities on the pullbacks. Downward targets are set at the price of $1,188.60 and $1,177.60. The short-term trend is downward.

Resistance levels:

R1: 1,216.65

R2: 1,219.30

R3: 1,233.65

Support levels:

S1: 1,208.00

S2: 1,205.40

S3: 1,201.05

Trading recommendations for today: Watch for potential selling opportunities.