14.08.201823:54 Forex Analysis & Reviews: Technical analysis of Gold for August 15, 2018

Long-term review

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The Gold price is in a bearish trend and has reached our $1,193 short-term target after breaking below $1,205. Now the price is consolidating before its next leg lower to $1,180.

Black lines - wedge pattern

Blue line - short-term support

The Gold price remains inside the downward sloping wedge pattern. Resistance is at $1,211. Support at $1,193 if it fails to hold, we should expect the Gold price to fall as far as $1,180 where we find the lower wedge pattern boundary.

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