The price of gold dropped from the resistance level of 1238.00, as the failure of stability above it created a sell pressure on the price to drop. The price is likely to continue to decline today as long as it remains below the mentioned resistance, but the 1218.00 price should be breached to confirm the decline.
We should know that stability above the 1238.00 resistance again will fail the downside, and return the price to enter a new bullish wave.
From here, we think it might be good to sell gold below 1227.00 with the expectation of taking profit in two stages at 1218.00 and 1210.00 and stop loss above 1235.00. However, in case of failure to hold below 1218.00, we will close the entire financial position.
