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Gold Price Forecast August 17, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 17, 2017, 04:27 UTC

Gold markets went sideways during the session on Wednesday, breaking above the $1275 level eventually. That being the case, the market found resistance

Gold daily chart, August 17, 2017

Gold markets went sideways during the session on Wednesday, breaking above the $1275 level eventually. That being the case, the market found resistance above there, and I think that the short-term pop will more than likely find sellers. I believe that a move to the $1265 level is probably the next move, and then perhaps even down to the $1250 level. This will be especially true if the Federal Reserve looks hawkish in the meeting minutes, which is more likely than not. I have no interest in buying gold, and I think that the $1290 level above could be an excellent selling opportunity as well if we do get a short-term rally.

Price of Gold Video 17.8.17

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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