Recently, Gold has been trading sideways at the price of $1,311.00. According to the H1 time – frame, I found a breakout of a smaller bearish flag in the background, which is a sign that there is a room for at least one downward leg. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward targets are set at the price of $1,307.50 and at the price of $1,301.60.
Resistance levels:
R1: $1,318.65
R2: $1,323.15
R3: $1,327.35
Support levels:
S1: $1,309.95
S2: $1,305.75
S3: $1,301.25
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 sideways at the price of $1,311.00. According to the H1 time – frame, I found a breakout of a smaller bearish flag in the background, which is a sign that there is a room for at least one downward leg. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward targets are set at the price of $1,307.50 and at the price of $1,301.60.
Resistance levels:
R1: $1,318.65
R2: $1,323.15
R3: $1,327.35
Support levels:
S1: $1,309.95
S2: $1,305.75
S3: $1,301.25
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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