Analysis of Gold for August 16, 2018
According to the H1 time – frame, I found that price is on that critical resistance at the price of $1,180.00 (supply trendline and Fibonacci confluence), which is a sign that that buying looks very risky. I also found overbought conditions on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,167.00, $1,159.50 and at the price of $1,145.45.
$1,180.00 – Intraday resistance
$1,178.00– Intraday support
$1.167.00 – Objective target 1
$1,159.54 – Objective target 2
$1,145.50 – Objective target 3
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.