Recently, Gold has been trading upwards. The price tested the level of $1,344.50. According to the 30M time – frame, I found that price rejected of the strong resistance (Fibonacci expansion 61.8% and swing high), which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,338.55 and at the price of $1,328.90.
Resistance levels:
R1: $1,340.55
R2: $1,348.32
R3: $1,354.13
Support levels:
S1: $1,326.95
S2: $1,321.13
S3: $1,313.36
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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