Wednesday, August 8, 2018

Gold - 09 August 2018


Fundamental Highlights

Gold trades in a $9 range on Wednesday after touching a daily low at $1206 but managed to recover by climbing just above the $1214 support level. With the Dollar index fighting to stay above the 95 level, Gold is finding more and more momentum especially with the elevated trade war tensions making headlines.

Technical Analysis

The price finally broke above the purple trend line with a bullish momentum but fails to break above the $1216 level. Once the level is broken, we may see a surge towards the $1222 resistance which is the level we will be focusing on today.

Support: 1205.73 1197.75
Resistance: 1214.15 1217

Chart (1H)