Analysis of Gold for August 14, 2018

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Recently, the Gold has been trading sideways at the price of $1,194.75. The price is trading below the pivot level ($1.199.27), which is sign that sellers are in control. I also found a potential bearish flag in creation, which is sign that downward trend may resume. My advice is to watch for potential selling opportunities if you see a valid breakout of the lower diagonal. The downward targets are set at the price of $1,185.20 and at the price of $1,177.25.

Resistance levels:

R1: $1,207.30

R2: $1,221.45

R3: $1,229.50

Support levels:

S1: $1,185.10

S2: $1,177.10

S3: $1,162.92

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com