18.05.201713:44 Forex Analysis & Reviews: Analysis of Gold for May 18, 2017

Long-term review

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Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,265.05. The metal tested my yesterday's take profit level at $1,265.50. Anyway, today I found that price is having hard time to break above yesterday's high, which is a sign that downward correction is possible. My advice is to watch for potential selling opportuntiies. The downward target is set at the price of $1,249.00.

Resistance levels:

R1: $1,261.80

R2: $1,267.70

R3: $1,277.50

Support levels:

S1: $1,242.50

S2: $1,236.00

S3: $1,227.00

Trading recommendations for today: watch for potential selling opportunities.

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