Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,261.50 and met my first downward target. According to the H1 time - frame, I found no strong reaction from buyers, which is a sign that sellers are still in control. Watch for potetnial bearish flag before you sell. The next downward target is set at the price of $1,250.00 (Fibonacci expansion 100%).
Resistance levels: R1: $1,276.75 R2: $1,282.13 R3: $1,285.70
Support levels: S1: $1,267.75 S2: $1,264.50 S3: $1,258.75
Trading recommendations for today: watch for potential selling opportunities.
