Recently, the Gold has been trading downwards. The price tested the level of $1,305.00. According to the 30M time frame, I found a big sign of weakness in the background. There is a wide spread bar in an ultra high volume (buying climax) fallowed by no demand bars and up-thrust bars, which is a sign of weakness. The sellers absorbed buyers and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,305.00 and $1,296.50.
Resistance levels:
R1: $1,330.00
R2: $1,341.00
R3: $1,351.65
Support levels:
S1: $1,309.05
S2: $1,299.15
S3: $1,287.75
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com