Sellers are in control on Gold. We found a confirmed head and shoulders pattern, which is another strong sign of weakness. The price did small upward correction and fund support at $1.308.00 but in my opinion only temporary. The key short-term resistance remains at $1.323.00. As long as this resistance is holding, you should watch for selling opportunities. The breakout of short-term support at the price of $1.308.00 would confirm a potential test of $1.297.75.
R1: $1.324.00
R2: $1.329.70
R3: $1.335.60
Pivot: $1.318.20
S1: $1.313.75
S2: $1.307.60
S3: $1.302.56.
Trading recommendation: We are still short on Gold from $1.311.00 and protective stop at $1.322.00. The first objective target is set at the price of $1.297.75.
The material has been provided by InstaForex Company - www.instaforex.com