Recently, Gold has been trading sideways at the price of $1,341.00. Anyway, according to the M30 time – frame, I found a successful rejection of Fibonacci retracement 50% at the price of $1,349.00, which is a sign that buying looks risky. I also found a broken channel and rounding top, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,333.35 and at the price of $1,322.50.
Resistance levels:
R1: $1,350.83
R2: $1,355.85
R3: $1,361.17
Support levels:
S1: $1,340.50
S2: $1,335.17
S3: $1,330.15
Trading recommendations for today: watch for potential selling opportunities.