Technical outlook and chart setups:
Gold continues drifting lower as expected and is trading around the $1,118.00 levels for now. Please note that the metal responded/reversed from the trendline, Fibonacci 0.618, and past support turned resistance zone around the $1,170.00 levels earlier, and the fall could accelerate from here on. It is hence recommended to remain short with risk at the $1,180.00 levels for now. Immediate support is seen at the $1,110.00 levels followed by $1,090.00, $1,075.00 and lower, while resistance is seen at the $1,170.00 levels followed by $1,120.00/30.00 and higher respectively.
Trading recommendations:
Remain short for now, stop is at $1,180.00, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for September 04, 2015 . Thanks for your support.
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