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
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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