Recently, the Gold has been trading upwards. As I expected, the price tested the level of $1,388.00. According to the 30M time – frame, I found potential bearish pennant pattern in creation, which is a sign of potential weakness. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities if you see the breakout of the support trendline. The downward targets are set at the price of $1,332.00 and at the price of $1,320.79.
Resistance levels:
R1: $1,336.92
R2: $1,339.90
R3: $1,344.40
Support levels:
S1: $1,329.70
S2: $1,325.44
S3: $1,322.44
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com