Wednesday, August 15, 2018

GOLD

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Fundamental Highlights

Gold prices continue to fall as a recovery was denied by the $1198 level while the Dollar index hits fresh year highs. The price is holding just above the $1187 level and seems poised to extend its losses as we await for the US retail sales report which is expected to print softer today.

Technical Analysis

After being denied by the $1198 resistance level, Gold prices are keen to continue falling and test the $1188 support level. If the price managed to hold above this level, a recovery towards the $1193 level seems more likely to happen before a bearish wave hits again especially since the yellow metal is in a deep oversold state.

Support: 1183.5 1168.8
Resistance: 1992.50 1197.75

Chart (H1)
GOLD_20180815

 
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