Recently, Gold has been trading upwards. The price tested the level of $1,331.00. According to the 30M time – frame, I found that a bullish corrective phase is in progress. Anyway, I found a hidden bearish divergence on the moving average oscillator and corrective upward channel. My advice is to watch for a valid breakout of lower diagonal to confirm the bearish continuation. The downward targets are set at the price of $1,321.00 and at the price of $1,307.50.
Resistance levels:
R1: $1,328.60
R2: $1,332.05
R3: $1,335.75
Support levels:
S1: $1,321.45
S2: $1,317.75
S3: $1,314.30
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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