Recently, the Gold has been trading upwards. The price tested the level of $1,339.90. According to the 1H time frame, I found potential double top formation and evening star (bearish) formation, which is a sign that buying looks risky. Watch for a potential breakout of $1,331.90 to confirm the further lower price. The downward targets are set at the price of $1,325.00 and $1,317.00. The relative strength index showing a hidden bearish divergence, which is another sign of weakness.
Resistance levels:
R1: $1,342.50
R2: $1,343.85
R3: $1,345.60
Support levels:
S1: $1,339.45
S2: $1,337.65
S3: $1,336.00
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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