Recently, Gold has been trading downwards. The price tested the level of $1,282.00. According to the 4H time frame, I found a breakout of previous week low at the price of $1,289.00, which is a sign that sellers are in control. I also found a fake breakout of the downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downawrd targets are set at the price of $1,272.00 and $1,250.00 (both targets are based on Fibonacci wrok).
Resistance levels:
R1: $1,314.00
R2: $1,326.50
R3: $1,336.40
Support levels:
S1: $1,292.18
S2: $1,282.60
S3: $1.270.00
Trading recommendations for today: watch for potential selling opportunities.
