Market News

Gold Will in Downtrend Today

 

Comment on Gold on August 18, 2021:

In yesterday's trading session, Gold bounced up to the right price zone of 1795 and dropped beautifully to 1780. Closing the day session with a bearish candle, this is the first day of decline after 4 days of rising.  quite strong.  With precious metal Gold starting to show signs of correction, in my opinion, there is a high probability that in today's trading session, precious metal Gold will continue yesterday's downtrend.


Moving to a shorter time frame, the nearest resistance area for Gold is around the 1787-1790 price range, here in my opinion we can continue to establish a short position with the precious metal Gold.  with a safety target of around 1775 and an expectation of 1768.