Gold did successful rejection of the key shot-term resistance at $1.314.00 (yellow rectangle). We found a potential end of the upward correction (abc) and the breakout of the support trendline in the background, which is a sign of the weakness. Support is now seen at $1.308.00. The trend is still bearish.
R1: $1.318.00
R2: $1.322.40
R3: $1.326.50
Pivot: $1.314.00
S1: $1.309.90
S2: $1.305.80
S3: $1.301.60
Trading recommendation: We sold Gold at $1.310.00 and we have placed our stop at $1.318.00.
