Gold Technical Analysis August 17 2018
The Gold declined 0.08% against the USD on Thursday and closed at 1174.80. Today August 16, 2018 in the European session while preparing Gold Technical Analysis August 17 2018 at 10:15 GMT, the XAU/USD trading at 1175.00, which is 0.01% higher from yesterday’s close.
Metal markets are trying to stop falling trend and find a bottom. Sellers seem to be running out of steam. Although we have yet to see a reasonable rise and a small attempt on Thursday failed one, gold managed to hold above $ 1.180. Gold seems to have found the bottom. There is no guarantee, but the price movement indicates that the bottom is. The best deal here is to check and make sure that the dips will continue.
The major trend for Gold is bearish according to the daily and weekly chart. Trade through $ 1160 will signal a resumption of the bearish trend. The image of the gold chart is still bearish, the analyst continues. “A decline below $ 1171 could lead to a decline of around $ 1.160. Technical bounce back to the psychological level of $ 1200 is still possible if bulls can push prices above $ 1.180.
Gold Technical Analysis August 17 2018
The Gold is expected to find support at 1160.00, and a fall through could take it to the next support level of 1150.00. The pair is expected to find its first resistance at 1184.00, and a rise through could take it to the next resistance level of 1193.50. For today the expected trading range is betwee 1160.00, Support and 1193.50 Resistance.
The expected trend for today is Bullish (Only For Short Time)
Supports Levels: Support 1: 1160.00 Support 2: 1150 Support 3: 1140
Resistance Levels: Resistance 1: 1184.00 Resistance 2: 1193.50 Resistance 3: 1205.50
Previous day`s high: 1.2826
Previous day`s low: 1.2703