Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,270.00. According to the 30M time – frame, I found broken bearish flag in the background, which is sign that buying looks risky. I also found successful testing of supply trendline (downward channel), which is another sign of weakness. My advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I got FE 100% at the price of $1,265.15 and FE 161.8% at the price of $1.256.00.
Resistance levels:
R1: $1,280.76
R2: $1,283.27
R3: $1,286.76
Support levels:
S1: $1,274.78
S2: $1.271.27
S3: $1.268.76
Trading recommendations for today: watch for potential selling opportunities.
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