09.08.201916:25 Forex Analysis & Reviews: Gold 08.09.2019 -Trading range envorminet, potential new wave down

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Gold has been downwards and the price tested the level of $1.495. Gold got a failed test of the resistance at $1.510 in the background, which is sign that buyers lost power and potentially became overbought. There is a chance that Gold my try to trade towards support $1.490.

Yellow rectangle – Intraday resistance ($1.500)

Purple horizontal line – Important swing low ($1.490)

Gold has failed to break the important swing high at $1.510 in the background, which is sign for potential downward movement. I see potential intraday selling opportunity at $1.500 with targets at $1.490-$1.482. MACD oscillator is showing low momentum, which represents the balanced regime. As long as the Gold is trading below that $1.505, watch for selling on the rallies.

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