Recently, GOLD has been trading downwards. As I expected, the price tested the level of $1,270.00. According to the 30M time – frame, I found broken bearish flag in the background, which is sign that buying looks risky. I also found successful testing of supply trendline (downward channel), which is another sign of weakness. My advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I got FE 100% at the price of $1,265.15 and FE 161.8% at the price of $1.256.00.

Resistance levels:

R1: $1,280.76

R2: $1,283.27

R3: $1,286.76

Support levels:

S1: $1,274.78

S2: $1.271.27

S3: $1.268.76

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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