Analysis of Gold for August 28, 2018

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Recently, Gold has been trading upwards. As I expected, the price tested the level of $1,213.25. According to the M30 time – frame, I found that buyers are in control and that price is trading above the daily pivot ($1,208.50), which is a sign that selling looks risky. I also found a rising channel and the price is trading near the median line. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,217.65 and at the price of $1,223.10.

Resistance levels:

R1: $1,214.25

R2: $1,217.65

R3: $1,223.10

Support levels:

S1: $1,205.06

S2: $1,199.30

S3: $1,195.85

Trading recommendations for today: watch for potential buying opportunities.

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