Recently, the Gold has been trading sideways at the price of $1,194.75. The price is trading below the pivot level ($1.199.27), which is sign that sellers are in control. I also found a potential bearish flag in creation, which is sign that downward trend may resume. My advice is to watch for potential selling opportunities if you see a valid breakout of the lower diagonal. The downward targets are set at the price of $1,185.20 and at the price of $1,177.25.
Resistance levels:
R1: $1,207.30
R2: $1,221.45
R3: $1,229.50
Support levels:
S1: $1,185.10
S2: $1,177.10
S3: $1,162.92
Trading recommendations for today: watch for potential selling opportunities.
