Gold has been trading sideways at the price of $1.291.00 in past 16 hours. We still expecting downward movement.
According to the H4 time-frame, we found that there is the breakout of the bearish flag pattern in the background, which is sign that selling may continue. There is the breakout of the support trendline in the background, which adds even more weakness on the Gold. Key support level is seen at the price of $1.281.00. Key short-term resistance is set at $1.310.00.
Trading recommendation: We sold Gold from $1.290.80 with the target at $1.281.10. Protective stop is placed above the $1.310.50.
The material has been provided by InstaForex Company - www.instaforex.com