Gold attempted to move higher above SMA2, but strong resistances reside above current trading levels starting from 1136.35.

The moderate positivity on ADX and pullbacks on RSI14 above 50.00 don’t reflect the negativity below resistances of 1136.35 and 1154.00 in addition to moving below SMA50.

Therefore, we remain bearish; noting that, a break below 1113.65 is required to prove this outlook.

On the upside, coming above 1162.00 -1163.00 will extend the upside recovery.

Support: 1130.00 – 1120.00 – 1113.00

Resistance: 1136.35 – 1140.00 – 1154.65

Direction: Bearish

Posted By: ICN.COMon: August 31, 2015In: Technical Analysis

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