Gold analysis for August 07, 2018

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Recently, the Gold has been trading upwards. The price tested the level of $1,215.71. Anyway, according to the M15 time frame, I found that price pivot resistance 1 at $1,214.20, which is sign that buyers are in control. I also found high doji close pattern and oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,217.30 and at the price of $1,221.38.

Resistance levels:

R1: $1,221.38

R2: $1,221.38

R3: $1,225.49

Support levels:

S1: $1,202.89

S2: $1,198.90

S3: $1,191.60

Trading recommendations for today: watch for potential buying opportunities.

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