Gold has been trading downwards as we expected. The price tested the level of $1.284.70. We are still expecting downside.
According to the H4 time-frame, we found that price rejected of the Fibonacci expansion 61.8% at the price of $1.296.00 and it rejected from the 20-exponential moving average (yellow line). The ADX reading above 30 level is suggesting us that trend is still strong. The resistance levels are seen at the price of $1.296.00 and $1.301.00. Key short-term support is seen at the price of $1.280.60.
Trading recommendation: Watching for selling opportunities with the target at $1.280.60.The material has been provided by InstaForex Company - www.instaforex.com