Gold breached the 4-day balance support ($1.320.00) and on that way confirmed the direction.
The current bearish tone on Gold came from the fake breakout of the resistance at $1.325.00 in the background together with the bearish divergence on the Stochastic oscillator. Most recently, there is the breakout of the 4-day balance and the bearish momentum is present. Key support levels are seen at $1.302.15 and at $1.277.65
Trading recommendation: We exited our yesterday’s long position and we are bearish from $1.310.00 and targets at $1.302.15 and $1.277.65.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Analysis of Gold for March 01, 2019