Recently, gold has been trading downwards. As I expected, the price tested the level of $1,193.60. According to the 30M time frame, I found bearish divergence on a Moving Average Oscilator, which is a sign of weakness. My advice is to watch for selling opportunities on the pullbacks. Downward targets are set at the price of $1,188.60 and $1,177.60. The short-term trend is downward.
Resistance levels:
R1: 1,216.65
R2: 1,219.30
R3: 1,233.65
Support levels:
S1: 1,208.00
S2: 1,205.40
S3: 1,201.05
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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