Recently, Gold has been trading downwards. The price tested the level of $1,278.90. According to the 15M time - frame, I found that sellers are in control and that pivot support 1 at the price of $1,278.95 is on the test. If the price breaks the S1, watch for potentential selling opportunities. The downward targets are set at the price of $1,273.00 (S2) and $1,264.1 (S3). Short - term trend is bearish. MACD is trading below the zero level, which is another sign that sellers are in control.
Resistance levels:
R1: $1,293.80
R2: $1,302.50
R3: $1,308.70
Support levels:
S1: $1,278.95
S2: $1,273.00
S3: $1,264.10
Trading recommendations for today: watch for potential selling opportunities.
