Recently, the Gold has been trading downwards. The price tested the level $1,225.52. According to the 4H time frame, I found lower highs and lower lows, which is sign that sellers are in control. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of $1,223.90 and Fibonacci expansion 161.8% at the price of $1,207.60.
Resistance levels:
R1: $1,243.00
R2: $1,247.00
R3: $1,253.65
Support levels:
S1: $1,230.00
S2: $1,226.00
S3: $1,219.90
Trading recommendations for today: watch for potential selling opportunities on the retracemets
The material has been provided by InstaForex Company - www.instaforex.com
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