FX.co ★ Gold analysis for January 16, 2017

Recently, gold has been trading upwards sideways at the price of $1,203.00. According to the 15M time frame, I found bearish divergence in the Moving Average Oscilator. The price made a higher high and the oscilator made a lower high. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $1,197.40 (point of control) and $1,188.25.

Resistance levels:

R1: 1,204.85

R2: 1,206.70

R3: 1,209.65

Support levels:

S1: 1,198.95

S2: 1,197.00

S3: 1,194.15

Trading recommendations for today: Bearish divergence on the oscilator. Watch for potential selling opportunities.