Technical analysis of Gold for August 31, 2018

Gold price broke below short-term support of $1,200 yesterday and saw as low as $1,196. Price is now making lower lows and lower highs and as long as we are below $1,208 we should expect Gold to reach lower levels towards $1,190-$1,180.

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Red line - trend line support

Green rectangle - support area

Red rectangle - resistance area

Gold price should move towards $1,190-$1,180 today and next week. This scenario will wold as long as price is below $1,208. A break above $1,208 will make me believe that the $1,220-$1,230 target is still alive. Short-term support is at yesterday's lows at $1,196. A break below this level will push Gold price towards $1,190-$1,180.

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