GOLD: Trade ideas for August 19

The GOLD has found resistance in the 61.8 Fibo level (1308.70) so you GOLD is trying to consolidate below 500 EMA (red line). This instrument can possibly recover and return to the bullish trend, but for that to happen, the GOLD would have to perform a breakout in the resistance level of 1313.25

Now, the GOLD is forming a bearish pattern if the GOLD made a breakout in the support level of 1288.98, the next objective would be the level of 1278.79, which would start to a bearish bias in the meduim term. The CCI indicator stays in the neutral zone and without showing divergences.

Trading recommendations: Place sell orders if the GOLD does a breakout at the support level of 1288.98, with take profit at 1278.79. Also, you can place sell orders if the GOLD performs a pullback at the resistance level of 1305.49.

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