FX.co ★ Analysis of gold for May 10, 2017

Recently, gold has been trading upward. The price tested the level of $1,225.65. Anyway, I found a false breakout of yesterday's high, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. I also found a reversal bar on the 30M time frame, which is another sign of weakness. The downward targets are set at $1,220.90 and $1.214.45.

Resistance levels:

R1: $1,226.00

R2: $1,227.20

R3: $1,229.00

Support levels:

S1: $1,222.00

S2: $1,221.00

S3: $1,219.45

Trading recommendations for today: watch for potential intraday selling opportunities.