Recently, Gold has been trading sideways at the price of $1,264.00. Anyway, according to the 30M time frame, I found a fake breakout of a 2-day high, which is a sign that buying looks riksy. There is also a breakout of the upward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,253.20.
Resistance levels:
R1: $1,267.20
R2: $1,269.00
R3: $1,271.60
Support levels:
S1: $1,261.90
S2: $1,260.00
S3: $1,257.50
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, Gold has been trading sideways at the price of $1,264.00. Anyway, according to the 30M time frame, I found a fake breakout of a 2-day high, which is a sign that buying looks riksy. There is also a breakout of the upward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,253.20.
Resistance levels:
R1: $1,267.20
R2: $1,269.00
R3: $1,271.60
Support levels:
S1: $1,261.90
S2: $1,260.00
S3: $1,257.50
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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