Recently, Gold has been trading upwards. The price tested the level of $1,338.70. Anyway, according to the 1H time – frame, I found a rising wedge in creation, which is a sign that buying looks risky. My advice is to watch for potential breakout of lower diagonal to conirm a rising wedge pattern. Watch for selling oppostunities with the downward target at the price of $1,320.00.
Resistance levels:
R1: $1,340.55
R2: $1,344.82
R3: $1,351.65
Support levels:
S1: $1,329.45
S2: $1,322.62
S3: $1,318.35
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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