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07.08.201814:12 Forex Analysis & Reviews: Gold analysis for August 07, 2018

Long-term review

Exchange Rates 07.08.2018 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2021
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