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FX.co ★ Analysis of Gold for May 15, 2018

Analysis of Gold for May 15, 2018

Analysis of Gold for May 15, 2018

Recently, Gold has been trading downwards. The price tested the level of $1.309.07. According to the H4 time – frame, I found that price is trading inside of the channel, which is a sign that Gold is in a consolidation phase. Since the impulse was down in the background, Gold may resume bearish direction in the next period. My advice is to watch for potential selling opportunities. Watch for a potential breakout of the upward trendline to confirm a further downward movement. The downward targets are set at the price of $1.300 and at the price of $1.287.10.

Resistance levels:

R1: $1.318.00

R2: $1.322.00

R3: $1.325.50

Support levels:

S1: $1.310.75

S2: $1.308.65

S3: $1.303.45

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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