Analysis of Gold for August 20, 2018

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Recently, Gold has been trading sideways at the price of $1,204.50. According to the H4 time – frame, I saw that Gold found the multiply support at the price of $1,200.00. There I found the Kijun-sen, upward trendline and the previous high. The short-term trend is bullish (rising Ichimoku cloud) and my advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find potential upward target. I got Fibonacci expansion 100% at the price of $1,223.70. The first upward target is set at the price of $1,213.55 (previous swing high).

Key Support Kijun-sen (purple line) – $1,200.00

Trading recommendations for today : As long the price is holding above the Kijun-sen on the H4 time – frame, watch for buying opportunities.

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