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

Source:: Analysis of Gold for May 15, 2018