Recently, Gold has finally managed to break through the key support cluster at the price of $1,286.00, which is a sign that sellers took control over the buyers. I have found the breakout of the trading range (6 days), which is another sign of weakness. Gold is trading inside of the downward Pitchfork channel. Key resistance became previous key support (white shape on the chart) at the price of $1,286.00.
Trading recommendations for today: We are selling gold from the $1,284.00 with the profit targets at the price of $1,276.20 and at the price of $1,264.50. Protective stop order is placed above the $1,295.00.
The material has been provided by InstaForex Company - www.instaforex.com