Recently, Gold has been trading upwards. The price tested the level of $1,356.38. According to the 4H time – frame, I found a strong rejection of supply trendline (resistance) in the background, which is sign that buying looks risky. I also found an overbought condition on the RSI 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 $1,343.00 and at the price of $1,337.55.
Resistance levels:
R1: $1,358.44
R2: $1,363.40
R3: $1,370.87
Support levels:
S1: $1,346.00
S2: $1,338.55
S3: $1,333.60
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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