Recently, gold has been trading downwards. The price tested the level of $1,281.66. According to the H1 time frame, I found a broken support trendline in the background, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities on the rallies. The downward target is set at the price of $1,262.50.
Resistance levels:
R1: $1,291.50
R2: $1,292.00
R3: $1,292.80
Support levels:
S1: $1,289.90
S2: $1,289.40
S3: $1,288.60
Trading recommendations for today: watch for potential selling opportunities.