Recently, the Gold has been trading downwards. The price tested the level of $1,316.80 in a high volume. According to the 30M time frame, I found that price is trading inside of a downward channel, which is a sign that buying looks risky. I have placed Fibonacci expansion to find potential downward targets. I got FE 61.8% at the price of $,1313.40 and FE 100% at the price of $1,300.00. My advice is to watch for potential selling opportunities.
Resistance levels:
R1: $1,337.00
R2: $1,347.00
R3: $1,353.50
Support levels:
S1: $1,321.35
S2: $1,315.45
S3: $1,305.00
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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