Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,338.54. According to the 4H time – frame, I found that the supply trendline in the backgorund held successfully, which is a sign that sellers are in control. I also found overbought RSI 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 $1,337.55, $1,331.75 and at the price of $1,325.00.
Resistance levels:
R1: $1,354.39
R2: $1,364.10
R3: $1,371.36
Support levels:
S1: $1,337.42
S2: $1,330.16
S3: $1,320.45
Trading recommendations for today: watch for potential selling opportunities.
