Analysis of Gold for August 15, 2017

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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.

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