empty
 
 
21.08.2015 01:33 PM
Technical analysis of Gold for August 21, 2015

This image is no longer relevant

Technical outlook and chart setups:

Gold has pushed through the $1,168/70.00 levels earlier today before pulling back and it seems that bulls are back in control since the rally from the $1,075.00 levels looks to be in the 5 waves. The metal might have formed a meaningful bottom around the $1,075.00 levels and it is recommended to look to initiate long positions on dips towards the $1,110.00 levels as depicted here. Immediate support is seen at the $1,110.00 levels (which is also the Fibonacci 0.618 support) followed by $1,090.00, $1,075.00, and lower, while resistance is seen at the $1,175.00 levels and higher respectively.

Trading recommendations:

Remain flat for now and look to buy on dips.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback