Recently, gold has been trading downwards. As I expected, the price tested the level of $1,191.69. My previous analysis is still valid. According to the 30M time frame, I found another 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: 1,201.35
R2: 1,203.30
R3: 1,206.25
Support levels:
S1: 1,195.30
S2: 1,193.40
S3: 1,190.43
Trading recommendations for today: Watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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