Recently, the Gold has been trading sideways at the price of $1,278.00. Anyway, I found rejection from supply cluster near the pivot resistance 1, which is a sign that buying looks risky. There is also a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1.275.30 (S1) and $1.268.58 (S2).
Resistance levels:
R1: $1,286.00
R2: $1,290.00
R3: $1,296.73
Support levels:
S1: $1,275.30
S2: $1,268.58
S3: $1,264.60
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com