Gold has been trading sideways in past 24-hours but the supply is still present. We still expect more downside on the Gold.
According to the H4 time – frame, we found rejection from the strong resistance cluster at the price of 1.300.00, which is sign that buying looks very risky and that more downside is expected. The 4h candle closed in the middle, suggesting that underlying weakness. Our advice is to watch for selling opportunities. Support is seen at the price of $1.281.00. As long as the resistance cluster (purple rectangle) at $1.300.00 is holding, we remain bearish.
Trading recommendation: We are short with small position from $1.293.00 and target at 41.281.20.
The material has been provided by InstaForex Company - www.instaforex.com
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