Recently, Gold has been trading downwards. As I expected, the price tested the level $1,239.70. According to the 30M time frame, I found that the price is trading in well-defined downward channel, which is a sign that buying looks risky. I also found hidden bearish divergence. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,235.00.
Resistance levels:
R1: $1,251.35
R2: $1,254.30
R3: $1,259.00
Support levels:
S1: $1,241.80
S2: $1,238.80
S3: $1,234.00
Trading recommendations for today: watch for potential selling opportunities.
