Recently, Gold has been trading downwards. The price tested the level of $1,275. According to the H1 time - frame, I found strong supply in the background, which is a sign that sellers in control. I also found a bearish flag in creation, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $1,275.25 and at the price of $1,236.00.
Resistance levels: R1: $1,284.50R2: $1,286.40 R3: $1,287.90
Support levels: S1: $1,281.10S2: $1,279.60S3: $1,277.70
Trading recommendations for today: watch for potential selling opportunities.
