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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Analysis of gold for August 07, 2017

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Recently, gold has been trading downwards. The price tested the level of $1,254.00. On the daily time frame, I found a broken upward channel, which is a sign that buying looks risky. Also, there is a bearish flip on RSI oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The first downward target is set at the price of $1,245.00.

Resistance levels:

R1: $1,263.00

R2: $1,265.00

R3: $1,266.00

Support levels:

S1: $1,261.00

S2: $1,260.00

S3: $1,259.00

Trading recommendations for today: watch for potential selling opportunities.

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