Recently, the Gold has been trading downwards. The price tested the level of $1,207.90. According to the H1 time – frame, I found the rejection of the Fibonacci retracement 61.8% in the background (confluence). MACD oscillator is also showing that sellers are in control, which is another sign of weakness. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of $1,195.95 and Fibonacci expansion 161.8% at the price of $1,181.20.
Resistance levels:
R1: $1,220.38
R2: $1,227.70
R3: $1,235.85
Support levels:
S1: $1,204.90
S2: $1,196.75
S3: $1,189.45
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com