empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

31.08.201609:28 Forex Analysis & Reviews: Technical analysis of Gold for August 31, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The gold price continues making lower lows and lower highs. The price has reached the short-term support area of $1,300-$1,310 and remains in a bearish trend. Gold is expected to move lower towards $1,280 in order to complete the decline from $1,360. The $1,200 level is the next important support.

Exchange Rates 31.08.2016 analysis

The black line - trend line resistance

The green rectangle - support area

Gold price has reached the support area of $1,310-$1,300 and is trading below the 4 hour tenkan-sen indicator (the red line). I expect that the price will break below $1,300 with most probable support holding at $1,280. After that, a bounce from that area is expected. However, if the price breaks below $1,280, we should expect the $1,200 level to be seen next.

Exchange Rates 31.08.2016 analysis

The blue lines - bullish channel

On a weekly basis, the target of $1,280 is still open. At that level we can find the weekly kijun-sen indicator (yellow line) and the lower boundary of the blue upward sloping channel. If price breaks below the channel, we should expect a deep retracement towards the weekly cloud at $1,200.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off