Recently, gold has been trading downwards. As I expected, the price tested the level of $1,314.86. According to the H4 time frame, I found a successful rejection of 21 exponential moving average in the background, which is a sign that sellers are in control. I also found ADX reading above 30, which is another sign of strong supply. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,307.30.
Resistance levels:
R1: $1,323.92
R2: $1,330.92
R3: $1,335.23
Support levels:
S1: $1,312.61
S2: $1,308.30
S3: $1,301.30
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 $1,314.86. According to the H4 time frame, I found a successful rejection of 21 exponential moving average in the background, which is a sign that sellers are in control. I also found ADX reading above 30, which is another sign of strong supply. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,307.30.
Resistance levels:
R1: $1,323.92
R2: $1,330.92
R3: $1,335.23
Support levels:
S1: $1,312.61
S2: $1,308.30
S3: $1,301.30
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: