Recently, the Gold has been trading sideways at the price of $1,271.00. According to the 15M time - frame, I found broken intraday bearish flag formation, which is sign that buying looks risky. I also found broken pivot level at $1,270.36, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,267.00 (pivot support 1) and at the price of $1,260.50 (pivot support 2).
Resistance levels:
R1: $1,277.00
R2: $1,280.45
R3: $1,287.00
Support levels:
S1: $1,267.00
S2: $1,260.50
S3: $1,256.85
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com