Recently, Gold has been trading sideways at the price of $1,250.00. According to the 1H time frame, I found that еру price is trading inside of the downward channel, which is sign that buying looks risky. The price is also trading below the 60 period simple moving average, which is another sign of weakness. Watch for potential selling opportunities. The downward target is set at the price of $1,242.00.
Resistance levels:
R1: $1,249.80
R2: $1,250.20
R3: $1,250.82
Support levels:
S1: $1,248.50
S2: $1,248.00
S3: $1,247.50
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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