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.
