Technical analysis of Gold for August 30, 2018

Gold price did not manage to break above $1,210 yesterday and has pulled back towards the short-term trend line support. Gold could see a new higher high towards $1,220 this week. If Gold however breaks back below $1,200, we could see it pull back towards $1,190-$1,180 area.

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Red line - support trend line

Green rectangle- major support

Short-term support is at $1,200 where are currently. Short-term resistance is at $1,208 and a break above it could push Gold towards $1,220. A break below $1,200 will push Gold towards the green rectangle support area.

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