Gold has been trading downwards. The price tested the level of $1.294.00. We are seeing supply on the market and the buying looks risky.
According to the H4 time-frame, we found the bearish divergence on the LBR oscillator did evolved and the buyers didn't have power for any upward extension. The supply which came today took previous 2 swing lows and, on that way, confirming us strong selling pressure. Our advice is to watch for selling opportunities on the rallies with the target at $1.281.00. Resistance is seen at the price of $1.310.15.The material has been provided by InstaForex Company - www.instaforex.com