Recently, Gold has been trading sideways at the price of $1,297.95. According to the H1 time – frame, I found a potential intraday bearish flag in creation. I expect a downward movement to re-test a low at the price of $1,293.00 and then a potential upward movement to visit $1,303.60. My advice for intraday trading is to watch for a breakout of the otential bearish flat to confirm a further downward price.
Resistance levels:
R1: $1,305.75
R2: $1,310.00
R3: $1,314.00
Support levels:
S1: $1,297.45
S2: $1,293.45
S3: $1,289.20
Trading recommendations for today: watch for potential intraday selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com