Gold has been trading downwards as we expected. The price tested the level of $1.308.28. We are still bearish on the Gold.
According to the H1 time – frame, we found the breakout of the upward trendline and most recently there is the breakout of the bearish flag, which is good sign of the weakness. Bearish divergence is still present the this only adds more on the downside. Key resistance level is seen at the price of $1.322.30. Support levels are seen at $1.303.15, $1.298.90 and $1.293.00.
Trading recommendation: We are still short on the Gold from $1.314.20 with targets at $1.303.15, $1.298.90 and $1.293.00. Protective stop is placed at $1.324.00.
The material has been provided by InstaForex Company - www.instaforex.com
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