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Gold technical analysis for August 21, 2015

Gold price remains in a bullish short-term trend and has made new higher highs towards $1,170. Price has broken above the weekly support but reached the 61.8% retracement of the decline from $1,225 to $1,1077. I do not see much more upside for Gold price.

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Blue lines - price projection

Gold price has almost reached the target of an equal upward move. Gold price is pulling back towards yesterday highs and I believe that this is the first short-term support. Breaking below $1,150 will push price even lower towards $1,140. Trend support is at $1,110.

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