Recently, gold has been trading upward. The price tested the level of $1,225.65. Anyway, I found a false breakout of yesterday’s high, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. I also found a reversal bar on the 30M time frame, which is another sign of weakness. The downward targets are set at $1,220.90 and $1.214.45.
Resistance levels:
R1: $1,226.00
R2: $1,227.20
R3: $1,229.00
Support levels:
S1: $1,222.00
S2: $1,221.00
S3: $1,219.45
Trading recommendations for today: watch for potential intraday selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, gold has been trading upward. The price tested the level of $1,225.65. Anyway, I found a false breakout of yesterday’s high, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. I also found a reversal bar on the 30M time frame, which is another sign of weakness. The downward targets are set at $1,220.90 and $1.214.45.
Resistance levels:
R1: $1,226.00
R2: $1,227.20
R3: $1,229.00
Support levels:
S1: $1,222.00
S2: $1,221.00
S3: $1,219.45
Trading recommendations for today: watch for potential intraday selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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