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FX.co ★ Analysis of Gold for April 11, 2018

Analysis of Gold for April 11, 2018

Analysis of Gold for April 11, 2018

Recently, the Gold has been trading upwards. The price tested the level of $1,344.00. Anyway, according to the H1 time – frame, I found a potential rising wedge in creation, which is sign that buying looks risky. I also found a rejection of the major resistance in the background, which is another sign of weakness. My advice is to watch for potential breakout of a lower diagonal to confirm further downward movement. The first downward target Is set at the price of $1,338.85. The major target is set at the price of $1,320.00.

Resistance levels:

R1: $1,344.40

R2: $1,349.23

R3: $1,355.75

Support levels:

S1: $1,332.91

S2: $1,326.26

S3: $1,321.42

Trading recommendations for today: watch for potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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