Recently, Gold has been trading upwards. The price tested the level of $1,364.80. Anyway, according to the H4 time – frame, I found a fake breakout of resistance in the background, which is a sign that buying got trapped. I also found a bearish flip on stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,322.40.
Resistance levels:
R1: $1,365.95
R2: $1,378.70
R3: $1,392.13
Support levels:
S1: $1,339.75
S2: $1,326.33
S3: $1,313.56
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com