FX.co ★ Analysis of gold for February 21, 2017

Recently, gold has been trading downwards. The price tested the level $1,228.02. On the daily time frame, I found successful rejection from strong recistance at the price of $1,244.00. I found bearish piercing pattern, which is a sign that gold may go lower. Watch for potential selling opportunities. First downward target is set at the price of $1,221.00.

Daily Fibonacci levels:

Resistance levels:

R1: $1,239.80

R2: $1,241.40

R3: $1,243.90

Support levels:

S1: $1,234.75

S2: $1,233.15

S3: $1,230.60

Trading recommendations for today: watch for potential selling opportunities.