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28.08.201808:59 Forex Analysis & Reviews: Technical analysis of Gold for August 28, 2018

Long-term review

Gold price has formed a bullish flag pattern and shows signs of breaking upwards. The pullback towards $1,200 did not come as price only fell towards $1,203. Short-term trend is bullish and we expect Gold price to reach $1,220 over the coming days.

Exchange Rates 28.08.2018 analysis

Red line - support trend line

Blue lines - bull flag pattern

Green rectangle - major support and trend change level

Gold price is making higher highs and higher lows. Short-term trend is bullish as long as price is above the green rectangle area at $1,180-83. We also have support at $1,190. Resistance is at $1,228-35. We are bullish Gold as long as it stays above $1,200 as we could have made a major low in August at $1,159.

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

Alexandros Yfantis,
Analytical expert of InstaForex
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