Recently, Gold has been trading downwards. The price tested the level of $1,211.43. According to the 4H time frame, I found strong downward presure, which is a sign that buying looks risky. I have placed Fibonacci expansion to find a potential downward target. I got Fibonacci expansion 161.8% (extreme) at the price of $1,207.15. My advice is to watch for potential selling opportunities on the retracements with the target at $1,207.15.
Resistance levels:
R1: $1,222.50
R2: $1,225.30
R3: $1,229.75
Support levels:
S1: $1,213.60
S2: $1,210.85
S3: $1,206.35
Trading recommendations for today: watch for selling opportunities on the retracements.
The material has been provided by InstaForex Company - www.instaforex.com