Analysis of Gold for October 10, 2017

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Recently, the Gold has been trading upwards. The price tested the level of $1.292.90. According to the 15M time – frame, I found a rising wedge in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if the price breaks the support of the pattern ($1,290.00). I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward target is set at the price of $2,282.30 (pattern projection).

Resistance levels:

R1: $1,292.60

R2: $1,294.40

R3: $1,296.30

Support levels:

S1: $1,288.90

S2: $1,286.55

S3: $1,285.00

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review