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Technical analysis of Gold for August 17, 2015

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Technical outlook and chart setups:

The yellow metal has stalled around $1,125.00 levels in its counter trend rally till now. Please note that the metal has reached fibonacci 50% resistance of the drop between $1,175.00 to $1,077.00 levels respectively. A resumption of the bearish move is possible from current levels or from $1,130.00/35.00 levels respectively. Bears are expected to remain in control till prices are below $1,175.00/$1,200.00 levels. It is recommended to remain flat for now, looking for a bearish turn around $1,130.00/35.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00, $1,080.00 and lower while resistance is seen at $1,130.00/35.00 levels, followed by $1,167.00, $1,175.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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