Recently, Gold has been trading downwards. The price tested the level of $1,322.00. According to the 30M time – frame, I found a valid breakout of the intraday bearish pennant pattern, which is a sign that sellers are in control. I also found that price failed to test pivot level at ($1,329.40), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward tarrgets are set at the price of $1,318.35 and at the price of $1,311.25.
Resistance levels:
R1: $1,336.62
R2: $1,347.70
R3: $1,354.93
Support levels:
S1: $1,318.35
S2: $1,311.25
S3: $1,300.00
Trading recommendations for today: watch for potential selling opportunities.