Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,339.00. According to the M30 time – frame, I found a breakout of upward channel, which is a sign that sellers are in control. My advice is to watch for potential selling opportunties. The downward targets are set at the price of $1,333.40 and at the price of $1,324.50 (Fibonacci expansion 100%).
Resistance levels:
R1: $1,353.15
R2: $1,360.85
R3: $1,366.95
Support levels:
S1: $1,339.35
S2: $1,333.26
S3: $1,325.57
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com