Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,313.44 and reached both of our yesterday's targets. According to the 30M time – frame, I found a bearish flag (pennant) pattern in creation, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1,313.50 and at the price of $1,295.35.
Resistance levels:
R1: $1,332.32
R2: $1,346.20
R3: $1,355.62
Support levels:
S1: $1,309.02
S2: $1,299.58
S3: $1,285.75
Trading recommendations for today: watch for potential selling opportunities.
