29.08.201606:09 Forex Analysis & Reviews: Gold Technical Analysis for August 29, 2016.

Long-term review

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Technical Outlook and chart setups:

Gold looks to have formed intermediary bottom at $1,314.00 level a few hours back and is seen to be trading at $1,318.00 level at this moment. Please note that the yellow metal still looks to be constructive for bulls to regain control, till prices stay above $1,310.00 level, which is a low wave within the triangle structure as depicted here. The wave structure continues to indicate that the metal seems to have terminated its triangle consolidations at $1,314.00 level and should be looking to push higher. It is hence recommended to remain long, with risk below $1,310.00 levels. Immediate resistance is seen at $1,345.00 levels, while support is seen at $1,310.00 level. Please note that the metal looks to be into its last leg (wave 5) rally and it is expected to reverse lower from close to $1,380.00/90.00 levels going forward.

Trading recommendations:

Remain long, stop is below $1,310.00, targets are at $1,345.00 and $1,390.00

Good luck!

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