empty
 
 
15.08.2017 01:43 PM
Analysis of Gold for August 15, 2017

This image is no longer relevant

Recently, the Gold has been trading downwards. As like I expected, the price tested the level of $1,272.45. My first downward target from yesterday at the price of $1,274.00 has been met. According to the Daily time frame, I found evening star formation in the background, which is a sign that we got changing in trend dynamic from bullish to bearish. My advice is to watch for a potential breakout of support ($1,274.00) for the further lower price. The next downward target is set at the price of $1,254.00. Stochastic Oscillator is in an overbought condition, which is another sign of weakness.

Resistance levels:

R1: $1,296.45

R2: $1,302.50

R3: $1,308.65

Support levels:

S1: $1,284.30

S2: $1,278.10

S3: $1,272.00

Trading recommendations for today: watch for potential selling opportunities.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback