Technical analysis of Gold for August 28, 2018
Gold price has formed a bullish flag pattern and shows signs of breaking upwards. The pullback towards $1,200 did not come as price only fell towards $1,203. Short-term trend is bullish and we expect Gold price to reach $1,220 over the coming days.
Red line – support trend line
Blue lines – bull flag pattern
Green rectangle – major support and trend change level
Gold price is making higher highs and higher lows. Short-term trend is bullish as long as price is above the green rectangle area at $1,180-83. We also have support at $1,190. Resistance is at $1,228-35. We are bullish Gold as long as it stays above $1,200 as we could have made a major low in August at $1,159.