FX.co ★ Analysis of Gold for September 04, 2018

Recently, Gold has been trading downwards. The price tested the level of of $1,193.20. According to the H1 time - frame I found a broken upward channel in the background, which is a sign that buying looks risky. I also found that price is trading below the Ichimoku cloud and that support level at the price of $1,195.00 was broken. Watch for selling opportunities. The downward targets are set at the price of $1,182.80 and at the price of $1,160.70.

Resistance levels:

Kijun- sen - $1,198.35

Tenkan-sen - $1,197.40

Resistance cluster - $1,195.00

Target levels:

$1,182.80

$1,160.70

Trading recommendations for today: watch for selling opportunities.