FX.co ★ Gold analysis for March 03, 2017

Recently, the Gold has been trading downwards. The price tested the level $1,225.52. According to the 4H time frame, I found lower highs and lower lows, which is sign that sellers are in control. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of $1,223.90 and Fibonacci expansion 161.8% at the price of $1,207.60.

Resistance levels:

R1: $1,243.00

R2: $1,247.00

R3: $1,253.65

Support levels:

S1: $1,230.00

S2: $1,226.00

S3: $1,219.90

Trading recommendations for today: watch for potential selling opportunities on the retracemets