FX.co ★ Analysis of gold for May 1, 2017

Recently, the gold has been trading sideways at the price of $1,262.00. According to the 4H time frame, I found that the price rejected the key supply trendline. My advice is to watch for selling opportunities. I also found a bearish divergence on the moving average oscilator, which is another sign of weakness. Downward target is set at the price of $1,243.00.

Resistance levels:

R1: $1,272.30

R2: $1,273.00

R3: $1,274.00

Support levels:

S1: $1,270.00

S2: $1,269.50

S3: $1,268.45

Trading recommendations for today: watch for potential selling opportunities.