Recently, the XAU/USD has been trading upwards. The price tested the level of $1,282.57. Anyway, according to the 15M time – frame, I found that there is a breakout of intraday rising wedge in the background, which is a sign that buying looks risky. There is also a fake breakout of pivot resistance 1 at the price of $1,282.00, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,272.00 (S1) and the price of $1,267.00 (S2).
Resistance levels:
R1: $1,281.00
R2: $1,285.20
R3: $1,290.30
Support levels:
S1: $1,272.30
S2: $1,267.30
S3: $1,263.20
Trading recommendations for today: watch for potential selling opportunities.