Gold continued to move within a tight range, stabilizing above the support line near 161.8% Fibonacci at 1086.00.

RSI started to move above the value of 30.00, while the strength of the bearish wave decreased on ADX.

However, trading below 1117.40 is a negative and trading below 1100.00 is more negative.

Extending the bearish wave towards 1051.00-1052.00 and may be 1030.00 is possible, while NFP may cause fluctuation; thus, we should manage our risks.

Support: 1080.00 – 1075.00 – 1051.00

Resistance: 1087.00 – 1090.00 – 1100.00

Direction: Bearish

Posted By: ICN.COMon: August 07, 2015In: Technical Analysis

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