Recently, Gold has been trading upawards. The price tested the level of $1,311.50. Anyway, according to the M30 time – frame, I found a potential bearish flag in progress, which is a sign that buying looks risky. I also found a rejection of the resistance at the price of $1,310.00, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm a further downward continuation. The downward target is set at the price of $1,301.50. If there is no breakout of the bearish flag, Gold can still go higher and potentially test the level of $1,313.20.
Resistance levels:
R1: $1,312.95
R2: $1,321.95
R3: $1,327.50
Support levels:
S1: $1,298.40
S2: $1,292.82
S3: $1,283.83
Trading recommendations for today: watch for potential selling opportunities.
