Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,322.49. According to the 4H time frame, I found that price rejected strongly from the important supply trendline, which is a sign that sellers are in control. Recently, I found a breakout of a bearish pennant pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,307.30 and at the price of $1,302.70.
Resistance levels:
R1: $1,340.05
R2: $1,355.33
R3: $1,363.60
Support levels:
S1: $1.316.47
S2: $1,308.20
S3: $1,292.90
Trading recommendations for today: watch for potential selling opportunities.
