Recently, Gold has been trading downawrds. As I expected, the price tested the level of $1,334.38. Accoridng to the M30 time – frame, I found a broken bullish support line in the background, which is a sign that sellers took control from the buyers. Currently, Gold is trading in the corrective mode and a potential bearish pennant is in creation. My advice is to watch for a potential breakout of pennant to confirm potential bearish continuation. The downward target is set at the price of $1,322.40.
Resistance levels:
R1: $1,347.50
R2: $1,360.10
R3: $1,366.97
Support levels:
S1: $1,328.10
S2: $1,321.22
S3: $1,308.68
Trading recommendations for today: watch for potential selling opportunities.
