Recently, the Gold has been trading sideways at the price of $1,316.00. According to the 30M time - frame, I found confirmed head and shoulders pattern (bearish) in the background, which is a sign that seller is in control today. The price also respects a pivot level at the $1,316.00 which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,310.00 and at the price of $1,301.00.
Resistance levels:
R1: $1,324.98
R2: $1.331.12
R3: $1,340.07
Support levels:
S1: $1.310.00
S2: $1,301.00
S3: $1,294.77
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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