Gold has been trading upwards. The price tested the level of $1.580 (Top of the daily Bollinger band), which is indication that buying looks risky. My advice is to watch for selling opportunities due to major pivot resistance at $1.587.
The rejection of the top of the Bollinger band is the key today's price action. My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes.
MACD oscillator is showing positive reading but the slow line is still on the downside.
Resistance levels are set at the price of $1.581 and $1.588
Support levels and downward targets are set at the price of $1.563 and $1.538.
