Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,330.70. Anyway, I found a breakout of the upper channel, which is a sign that buying looks risky. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,326.87 and at the price of $1,321.00.
Resistance levels:
R1: $1,340.65
R2: $1,348.05
R3: $1,355.00
Support levels:
S1: $1,326.30
S2: $1,319.30
S3: $1,311.90
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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