Recently, the Gold has been trading sideways at the price of $1,344.00. Anyway, according to the 30M time – frame, I found a successful rejection of strong resistance cluster at the price of $1,347.00, which is sign that buying looks risky. I also found a bearish momentum, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,337.00 and at the price of $1,335.00.
Resistance levels:
R1: $1,354.15
R2: $1,359.48
R3: $1,367.90
Support levels:
S1: $1,340.35
S2: $1,331.92
S3: $1,326.57
Trading recommendations for today: watch for potential selling opportunities.
