Gold continues trading downwards as we expected. There is strong downward momentum.
Our first downward target at the price of $1,302.00 has been reached. The bearish momentum is caused by the fake breakout of the resistance level at $1,325.00 and the breakout of the 4-day balance support at $1,320.00. Gold is heading to test our second target at the price of $1,277.35.
Trading recommendation: We closed half of our bearish positions at $1,302.00 and the target for the second half is set at $1,277.35. SL was moved to $1,302.15.
The material has been provided by InstaForex Company - www.instaforex.com
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