Thursday, August 16, 2018

GOLD - 16 August 2018

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Fundamental Highlights

Gold prices continued to fall yesterday breaking all support levels on the back of the bullish Dollar after the US retail sales printed extremely positive exceeding all the forecasts. However, a small recovery for the yellow metal occurred during the early hours today as the greenback entered a consolidation mode before picking up momentum again.

Technical Analysis

The price for Gold bounced off from its $1160.20 lows to retest the $1178 resistance after extreme oversold conditions dominated the whole day. If the price breaks above this level, we will be focusing on the $1183.5 level before we see any downtrend continuation.

Support: 1183.5 1168.8
Resistance: 1992.50 1197.75

Chart (H1)
GOLD_20180816

 
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