Recently, gold has been trading upwards. The price tested the level of $1,258.00. Anyway, according to the 30M time frame, I found a climatic action followed by no demand bars, which is a sign that buying looks risky. The price also tested upper diaognal of channel, which is another sign of potential wekaness. My advice is to watch for potential selling opportunities. The downward targets are set at $1,247.00 and $1,243.00.
Resistance levels:
R1: $1,254.30
R2: $1,256.50
R3: $1,260.00
Support levels:
S1: $1,247.00
S2: $1,245.00
S3: $1,241.00
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com