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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Analysis of Gold for August 28, 2017

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Recently, gold has been trading upwards. The price tested the level of $1,299.55. According to the 30M time frame, I found the rising wedge formation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. There is also hidden bearish divergence on the moving average oscillator, which is another sign of weakness. Watch for a breakout of the upward trend line to confirm further decline in prices. The downward target is set at the price of $1,289.00.

Resistance levels:

R1: $1,300.00

R2: $1,301.00

R3: $1,302.00

Support levels:

S1: $1,296.00

S2: $1,295.00

S3: $1,294.00

Trading recommendations for today: watch for potential selling opportunities.

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