Gold has been trading sideways at the price of $1.404. Anyway, I found that there is potential for the more downside on the Gold due to the change in the order flow from bullish to bearish. Watch for selling opportunities.
Red rectangle – Important resistance
Blue rectangle- Support 1
Blue rectangle – Support 2
I found that there is the change in the order flow from bullish to bearish and that is sign that you should be careful with buying and watch for selling opportunities. MACD oscillator is decreasing on the upward momentum, which is sign that buyers became exhausted. Key resistance is seen at the price of $1.414 and as long as the Gold is trading below this level, I would watch for selling opportunities on the rallies. From the other side, support levels are seen at the price of $1.390 and at the price of $1.376. Watch for selling opportunities.
