Analysis of Gold for August 16, 2017

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Recently, the Gold has been trading downwards. As I expected, the price tested our first objective point at the level of $1,274.00. According to the Daily time frame, I found a breakout of support at $1,274.00, which is a sign that buying looks risky. The evening star formation in the background plus overbought condition on the Stochastic oscillator suggests further downwards price. My advice is to watch for selling opportunities. The first downward target is set at the price of $1,254.00.

Resistance levels:

R1: $1,287.00

R2: $1,295.00

R3: $1,302.00

Support levels:

S1: $1,272.40

S2: $1,265.00

S3: $1,257.40

Trading recommendations for today: watch for potential selling opportunities.

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