Recently, the Gold has been trading sideways at the price of $1,274.00. According to the 15M time - frame, I found that price is trading below the pivot level ($1,277.55), which is a sign that sellers are in control today. I also found hidden bearish divergence on the MACD oscillator in the background, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,267.25 (pivot support 1) and at the price of $1,261.00 (pivot support 3).
Resistance levels:
R1: $1,282.25
R2: $1,288.61
R3: $1.293.05
Support levels:
S1: $1,271.48
S2: $1,267.25
S3: $1,261.00
Trading recommendations for today: watch for potential selling opportunities.
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