Analysis of Gold for February 14, 2018

Source: Forex Analysis

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Recently, the Gold has been trading upwards. The price tested the level of $1,336.97. Anyway, according to the 30M time – frame, I found that price has broke the upward trednline, which is sign that buying looks risky. I also found a successful rejection of pivot resistance 2 at the prrice of $1,336.80. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,327.30, $1,323.75 and at the price of $1,318.10.

Resistance levels:

R1: $1,333.08

R2: $1.336.80

R3: $1,342.53

Support levels:

S1: $1,323.75

S2: $1,318.10

S3: $1,314.20

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com