Recently, Gold has been trading downwards. The price tested the level of of $1,193.20. According to the H1 time - frame I found a broken upward channel in the background, which is a sign that buying looks risky. I also found that price is trading below the Ichimoku cloud and that support level at the price of $1,195.00 was broken. Watch for selling opportunities. The downward targets are set at the price of $1,182.80 and at the price of $1,160.70.
Resistance levels:
Kijun- sen - $1,198.35
Tenkan-sen - $1,197.40
Resistance cluster - $1,195.00
Target levels:
$1,182.80
$1,160.70
Trading recommendations for today: watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com