Source: Forex Analysis
Recently, Gold has been trading downwards. The price tested the level of $1,238.00. According to the H1 time – frame, I found a breakout of the bearish flag in the background, which is a sign of weakness. Gold is in the downward trend and my advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I found FE 100% at the price of $1,233.00 and FE 161.8% at the price of $1,223.55.
Resistance levels: R1: $1,249.45R2: $1,252.50R3: $1,256.75
Support levels: S1: $1,242.20S2: $1,238.20S3: $1,234.85
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com