Recently, the Gold has been trading upwards. The price tested the level of $1,344.00. Anyway, according to the H1 time – frame, I found a potential rising wedge in creation, which is sign that buying looks risky. I also found a rejection of the major resistance in the background, which is another sign of weakness. My advice is to watch for potential breakout of a lower diagonal to confirm further downward movement. The first downward target Is set at the price of $1,338.85. The major target is set at the price of $1,320.00.
Resistance levels:
R1: $1,344.40
R2: $1,349.23
R3: $1,355.75
Support levels:
S1: $1,332.91
S2: $1,326.26
S3: $1,321.42
Trading recommendations for today: watch for potential selling opportunities.
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