Recently, Gold has been trading downwards. The price tested the level of $1,234.00. According to the H4 time – frame, I have found the breakout of the bearish flag in the background and successful rejection of the resistance trendline, which is a sign that sellers are in control and that buying looks risky. I also found that hidden bearish divergence on the MACD oscillator, which is another sign of the weakness. Watch for selling opportunities on the rally. The downward targets are set at the price of $1,229.30 and at the price of $1,216.80.
The material has been provided by InstaForex Company -
www.instaforex.com