Recently, Gold has been trading upwards. The price tested the level of $1,249.00 but it found sellers at that point. According to the M15 time – frame, I have found a broken intraday upward channel in the background, which is a sign that sellers took control from buyers and that buying looks risky. Watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. Downward targets are set at the price of $1,243.40, $1,240.00 and at the price of $1,234.50.
The material has been provided by InstaForex Company -
www.instaforex.com