empty
 
 
25.08.2016 12:43 PM
Gold Technical Analysis for August 25, 2016.

This image is no longer relevant

Technical outlook and chart setups:

Gold has indeed dropped lower below $1,330.00 level, taking out stops yesterday. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,310.00 level, which is the wave's low within the triangle structure. The wave structure continues to indicate that the metal seems to have terminated its wave 4 triangle consolidations at $1,323.00/24.00 levels and is seen to be trading around the same levels at this moment. It is hence recommended to remain long, with risk below $1,310.00 levels. Immediate resistance is seen at $1,3555.00/56.00 levels, while support is seen at $1,310.00 levels. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.

Trading recommendations:

Remain long, stop below $1,310.00, targets are at $1,358.00 and $1,390.00

Good luck!

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 $1000 more!
    In April we raffle $1000 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 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