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03.09.2015 04:19 PM
Technical analysis of Gold for September 03, 2015

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Technical outlook and chart setups:

Gold dropped lower to the levels of 1,127.00 as we had expected, after reversing from $1,170.00 earlier. The metal responded to its fibonacci 0.618 resistance and is expected to drift lower towards $1,030.00 in coming sessions. It is hence recommended to continue holding short positions now with risk at $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,075.00, and lower while resistance is seen at $1,175.00 followed by $1,200.00, $1,230.00, and higher.

Trading recommendations:

Remain short for now, stop is at $1,180.00, a target is open.

Good luck!

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