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Technical analysis of Gold for September 02, 2015

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Technical outlook and chart setups:

Gold is still a candidate to be sold on rallies until prices stay broadly below $1,200.00/30.00. The metal has reversed lower after stalling at $1,170.00 levels recently and prices are expected to move lower towards at least $1,030.00. It is hence recommended to remain short with risk around $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,080.00, and lower, while resistance is seen at $1,170.00 (interim) followed by $1,200.00, $1,230.00, and higher.

Trading recommendations:

Remain short for now, stop is at $1,180.00, a target is around $1,030.00.

Good luck!

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