Recently, the Gold has been trading upwards. The price tested the level $1,239.00. According to the 15-minute time frame, I found a small upward channel and a strong resistance cluster around the $1,239.00 level. My advice is to watch for a potential breakout of the upward channel to confirm the downward direction. The first target is set at the price of $1,235.80.
Resistance levels:
R1: $1,236.70
R2: $1,238.30
R3: $1,240.90
Support levels:
S1: $1,231.50
S2: $1,229.90
S3: $1,227.30
Trading recommendations for today: Wait for potential breakout of upward channel for potential selling positions.
