Gold has been trading sideways at the price of $1.295.00. The short-term trend is still bearish and we expect more downside in the next period.
According to the H4 time – frame, we found that price is trying to test the downward sloping 20 exponential moving average (yellow line) but so far without success. The ADX read of 25 is suggesting us that Gold is in the modest downward trend. Key resistance levels are seen at $1.295.50 and $1.300.00. Key short-term support is seen at the price of $1.280.80.
Trading recommendation: We are neutral to bearish on the Gold. Watch for selling opportunities on the rally with target at $1.280.80.
The material has been provided by InstaForex Company - www.instaforex.com