Analysis of Gold for August 17, 2018

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Recently, Gold has been trading sideways at the price of $1,176.15. According to the M15 time – frame, I found that Gold is in a consolidation phase and a potential rising wedge is in progress, which is a sign that buying looks risky. The price also broke the monthly S2 support in the background, which is another sign of the downward pressure. My advice is to watch for a otential breakout of the support trendline to confirm further downward continuation. The downward targets are set at the price of $1,171.85 and at the price of $1,161.80.

Resistance levels:

R1: $1,183.57

R2: $1,193.45

R3: $1,205.37

Support levels:

S1: $1,161.75

S2: $1,149.85

S3: $1,139.95

Trading recommendations for today: watch for potential selling opportunities.

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