Recently, Gold has been trading downwards. The price tested the level of $1,322.00. According to the 30M time – frame, I found a valid breakout of the intraday bearish pennant pattern, which is a sign that sellers are in control. I also found that price failed to test pivot level at ($1,329.40), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward tarrgets are set at the price of $1,318.35 and at the price of $1,311.25.
Trading recommendations for today: watch for potential selling opportunities.