Gold analysis for August 09, 2018

analytics5b6c085d487ae.png

Recently, the Gold has been trading downwards. The price tested the level of $1,211.52. According to the M15 time frame, I found the price got no power to sustain below the today’s pivot ($1,21.67), which is a sign that selling looks risky. I also found a bullish cross on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,216.93 and at the price of $1,220.72.

Resistance levels:

R1: $1,217.10

R2: $1,220.93

R3: $1,226.45

Support levels:

S1: $1,207.45

S2: $1,202.20

S3: $1,198.38

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com