Analysis of Gold for August 08, 2018

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Recently, the Gold has been trading sideways at the price of $1,211.15. According to the M30 time – frame, I found broken upward trendline, which is a sign that sellers are in control. I also found the rejection of the resistance 1 and hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,207.00 and at the price of $1,202.65.

Resistance levels:

R1: $1,215.18

R2: $1,219.81

R3: $1,223.90

Support levels:

S1: $1.206.45

S2: $1,202.35

S3: $1,197.75

Trading recommendations for today: watch for potential selling opportunities.

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