Gold bulls were once again unable to hold price above $1,950-$1,900 zone. For the third consecutive month bulls are trading below $1,900 and the price action of the previous two months is not promising for bulls.

analytics5fac1eae3bd58.jpg

August looks like it marked a top. We are not saying that the longer-term view for Gold is not bullish, but currently and for the next few weeks at least we expect Gold price to make a correction. We consider this correction as a buying opportunity and traders need to be patient for a good entry in long positions.

analytics5fac1f1a9536d.jpg

With price again below the Ichimoku cloud, most technical indicators favor the bearish scenario for at least a correction towards $1,800-$1,750 area. Bulls will need to recapture $1,950 in order for us to change our view. Support at $1,850 recent low remains key for the short-term trend. Breaking it will push price towards $1,800.The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.