Analysis of Gold for August 29, 2018

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Recently, Gold has been trading downwards. The price tested the level of $1,199.00. Anyway, according to the H1 time – frame, I found strong support at the price of $1,199.00. The support line is a lower diagonal of the upward channel, which suggests a good area for buying opportunities. The stochastic oscillator is in the oversold area and that is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,213.50 and at the price of $1,219.10.

Resistance levels:

R1: $1,209.90

R2: $1,219.20

R3: $1,224.58

Support levels:

S1: $1,195.29

S2: $1,189.90

S3: $1,180.65

Trading recommendations for today: watch for potential buying opportunities.

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