Technical analysis of Gold for August 30, 2016

Gold price has bounced towards the 38% Fibonacci retracement and is turning back downwards. Price remains above support of $1,310 but trend remains bearish expecting a move towards $1,280-90 over the coming days.

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Black line – long-term resistance

Green area – support

Price is still below the Ichimoku cloud, so short-term trend remains bearish. Short-term support is at $1,315 while short-term resistance is at $1,327. Price should continue lower but if we see a break above $1,327, we should expect $1,332 next.

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Blue lines – bullish channel

Overall trend is bearish expecting a move towards the weekly kijun-sen (yellow line indicator) and the lower channel boundary. Our short-term target remains at $1,280 but if this level breaks we should expect a move even towards $1,200. Trend changes above $1,350.

The material has been provided by InstaForex Company – www.instaforex.com

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