FX.co ★ Analysis of Gold for May 30, 2017

Recently, Gold has been trading sideways at the price of $1,264.00. Anyway, according to the 30M time frame, I found a fake breakout of a 2-day high, which is a sign that buying looks riksy. There is also a breakout of the upward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,253.20.

Resistance levels:

R1: $1,267.20

R2: $1,269.00

R3: $1,271.60

Support levels:

S1: $1,261.90

S2: $1,260.00

S3: $1,257.50

Trading recommendations for today: watch for potential selling opportunities.