Analysis of Gold for August 20, 2018

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Recently, Gold has been trading upwards. The price tested the level of $1,189.20. According to the M15 time – frame, I found a rising regression channel and rising ADX, which is a sign that buyers are in control. Buying on the dips looks like a good plan. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,193.15 and at the price of $1,200.00.

Resistance levels:

R1: $1,188.75

R2: $1.193.25

R3: $1,200.00

Support levels:

S1: $1,175.60

S2: $1,166.98

S3: $1,162.50

Trading recommendations for today: watch for potential buying opportunities.

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