Recently, the Gold has been trading downwards. As like I expected, the price tested the level of $1,272.45. My first downward target from yesterday at the price of $1,274.00 has been met. According to the Daily time frame, I found evening star formation in the background, which is a sign that we got changing in trend dynamic from bullish to bearish. My advice is to watch for a potential breakout of support ($1,274.00) for the further lower price. The next downward target is set at the price of $1,254.00. Stochastic Oscillator is in an overbought condition, which is another sign of weakness.
Resistance levels:
R1: $1,296.45
R2: $1,302.50
R3: $1,308.65
Support levels:
S1: $1,284.30
S2: $1,278.10
S3: $1,272.00
Trading recommendations for today: watch for potential selling opportunities.
