Recently, the Gold has been trading downwards. The price tested the level of $1,204.17. Anyway, according to the H1 time – frame, I found that price did fake breakout of the yesterday's low at the price of $1,206.70, which is a sign that selling looks risky. I also found a bullish engulfing candlestick pattern, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,211.55 and at the price of $1,216.30.
Resistance levels:
R1: $1,216.48
R2: $1,225.45
R3: $1,230.48
Support levels:
S1: $1,202.50
S2: $1,197.60
S3: $1,188.48
Trading recommendations for today: watch for potential buying opportunities.
