Recently, gold has been trading downwards. The price tested the level $1,228.02. On the daily time frame, I found successful rejection from strong recistance at the price of $1,244.00. I found bearish piercing pattern, which is a sign that gold may go lower. Watch for potential selling opportunities. First downward target is set at the price of $1,221.00.
Daily Fibonacci levels:
Resistance levels:
R1: $1,239.80
R2: $1,241.40
R3: $1,243.90
Support levels:
S1: $1,234.75
S2: $1,233.15
S3: $1,230.60
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com