Recently, Gold has been trading downwards. The price tested the level of $1,198.90. According to the H1 time – frame, I found a breakout of the 3-day consolidation in the background, which is a sign that sellers are in control. The short-mid term trend is bearish and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,193.87(S3) and at the price of $1,180.80.
Resistance levels:
R1: $1,216.60
R2: $1,222.25
R3: $1,227.90
Support levels:
S1: $1,205.27
S2: $1,199.65
S3: $1,193.95
Trading recommendations for today: watch for potential selling opportunities.