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Technical analysis of Gold for August 18, 2015


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Technical outlook and chart setups:

Gold is unchanged from what was discussed yesterday and is seen to be trading around $1,118.00 levels at the moment. Please note that the 50 DMA is passing through $1,110.00 levels and the yellow metal could bounce from there, pushing it further into the $1,130.00/35.00 resistance zone. It is recommended to remain flat for now, and look to sell higher. Immediate support is seen at $1,110.00 levels, followed by $1,100.00, $1,090.00 and lower while resistance is seen at $1,130.00/35.00 levels, followed by $1,175.00 levels and higher respectively.

Trading recommendations:

Remain flat for now. Look to sell higher.

Good luck!



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