Recently, the gold has been trading sideways at the price of $1,262.00. According to the 4H time frame, I found that the price rejected the key supply trendline. My advice is to watch for selling opportunities. I also found a bearish divergence on the moving average oscilator, which is another sign of weakness. Downward target is set at the price of $1,243.00.
Resistance levels:
R1: $1,272.30
R2: $1,273.00
R3: $1,274.00
Support levels:
S1: $1,270.00
S2: $1,269.50
S3: $1,268.45
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the gold has been trading sideways at the price of $1,262.00. According to the 4H time frame, I found that the price rejected the key supply trendline. My advice is to watch for selling opportunities. I also found a bearish divergence on the moving average oscilator, which is another sign of weakness. Downward target is set at the price of $1,243.00.
Resistance levels:
R1: $1,272.30
R2: $1,273.00
R3: $1,274.00
Support levels:
S1: $1,270.00
S2: $1,269.50
S3: $1,268.45
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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