Recently, the Gold has been trading downwards. The price tested the level of $1,226.53. According to the M30 time frame, I found a successful breakout of the support at the price of $1,227.00. I also found a confirmed hidden bearish divergence on the LBR oscillator, which is a sign of weakness. My advice is to watch for a potential breakout of support trendline to confirm further downward continuation. The downward targets are set at the price of $1,222.93 and at the price of $1,218.22.
Resistance levels:
R1: $1,237.15
R2: $1,241.27
R3: $1,248.25
Support levels:
S1: $1,226.04
S2: $1,219.07
S3: $1,214.95
Trading recommendations for today: watch for potential selling opportunities.
