Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,249.00. According to the H1 time – frame, I found that sellers are in control and that there is a broken intraday bearish flag in the background. I also found a breakout of FIbonacci expansion 100%, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,235.85.
Resistance levels:
R1: $1,259.95 R2: $1,265.50 R3: $1,269.35
Support levels: S1: $1,250.50 S2: $1,246.60 S3: $1,240.95
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,249.00. According to the H1 time – frame, I found that sellers are in control and that there is a broken intraday bearish flag in the background. I also found a breakout of FIbonacci expansion 100%, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,235.85.
Resistance levels:
R1: $1,259.95 R2: $1,265.50 R3: $1,269.35
Support levels: S1: $1,250.50 S2: $1,246.60 S3: $1,240.95
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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