Recently, Gold has been trading downwards. The price tested the level of $1,238.00. According to the H1 time - frame, I found a breakout of the bearish flag in the background, which is a sign of weakness. Gold is in the downward trend and my advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I found FE 100% at the price of $1,233.00 and FE 161.8% at the price of $1,223.55.
Resistance levels: R1: $1,249.45R2: $1,252.50R3: $1,256.75
Support levels: S1: $1,242.20S2: $1,238.20S3: $1,234.85
Trading recommendations for today: watch for potential selling opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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