Recently, gold has been trading downwards. The price tested the level of $1,254.00. On the daily time frame, I found a broken upward channel, which is a sign that buying looks risky. Also, there is a bearish flip on RSI oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The first downward target is set at the price of $1,245.00.
Resistance levels:
R1: $1,263.00
R2: $1,265.00
R3: $1,266.00
Support levels:
S1: $1,261.00
S2: $1,260.00
S3: $1,259.00
Trading recommendations for today: watch for potential selling opportunities.
