Analysis of Gold for March 12, 2018

Source: Forex Analysis

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Recently, Gold has been trading sideways at the price of $1,318.90. Anyway, according to the 30M time – frame, I have found a successful bearish breakout of the 10h balance, which is a strong sign that sellers are in control. Since Gold ash been already trading in the downward trend, my advice is to watch for potential selling opportunities. The downward targets are set at the price of $11,313.15 and at the price of $1,308.10.

Resistance levels:

R1: $1,328.11

R2: $1.332.77

R3: $1.340.35

Support levels:

S1: $1,315.85

S2: $1,308.23

S3: $1,303.57

Trading recommendations for today: watch for potential selling opportunities.

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