Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,329.00. According to the H1 time – frame, I found a breakout of the upward channel, which is a sign that sellers are in control. I also found a very consistent supply, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,342.20, $1,319.80 and at the price of $1,305.20.
Resistance levels:
R1: $1,342.90
R2: $1,350.27
R3: $1,354.25
Support levels:
S1: $1,331.58
S2: $1,327.61
S3: $1,320.25
Trading recommendations for today: watch for potential selling opportunities.
