FX.co ★ Analysis of Gold for May 08, 2017

Recently, Gold has been extending losses. The price tested the level of $1,220.91. Anyway, according to the Daily time frame, I found a successful test of the previous swing low and a gap filled, which is a sign that selling looks risky. Also, the RSI looks oversold and my advice is to watch for potential buying opportunities. The first upward target is set at the price of $1,255.00.

Resistance levels:

R1: $1,235.90

R2: $1,238.70

R3: $1,243.30

Support levels:

S1: $1,226.00

S2: $1,223.00

S3: $1,219.00

Trading recommendations for today: watch for potential buying opportunities.