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 –

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