Recently, gold has been trading downwards. As I expected, the price tested the level of $1,321.26. I found strong rejection of the upper diagonal of the channel in the background, which caused the price to go lower. I still don't see any signs of strength and my advice is to watch for selling opportunities. The downward target is set at the price of $1,307.80.
Resistance levels:
R1: $1,340.06
R2: $1,355.35
R3: $1,383.61
Support levels:
S1: $1,316.48
S2: $1,308.20
S3: $1,292.90
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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