Recently, gold has been moving upwards. The price tested the level of $1,180.02 in a high volume. According to the 30M time frame, I found that demand bars in the background closed in the middle and later on I found absorption of demand, which is a sign of weakness. Supply cluster at the price of $1,178.45 looks strong. So, watch for potential selling opportunities. The first downward target is set at the price of $1,171.35.
Resistance levels:
R1: 1,177.90
R2: 1,180.80
R3: 1,185.40
Support levels:
S1: 1,168.70
S2: 1,165.80
S3: 1,161.20
Trading recommendations for today: Watch for potential selling opportunities.
