Recently, Gold has been trading downwards. The price tested the level of $1,277.70. According to the 4H time frame, I found a broken swing low at the price of $1,288.80, which is a sign that buying looks risky. There is also a fake breakout of downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,272.10 and $1,250.00.
Resistance levels:
R1: $1,290.60
R2: $1,293.00
R3: $1,297.50
Support levels:
S1: $1,283.80
S2: $1,279.50
S3: $1,276.90
Trading recommendations for today: watch for potential selling opportunities.