Gold Analysis 17.08.2015

invezted.com

Context:
price remains in a downchannel and tested the 50% retracement level of the alltime rally at 1080
which is a major key level , any break of this level and we head lower, any bulls enetering here and we may start a new rally

Location:
Price formed a indecision at the key level of 1080 and broke out to the upside this should be considered a sign of strenght

Price Action:
the breakout to the upside resulted in a rally which got to an halt at 1125ish and price now
formed a minor range with support 1112ish and resistance at 1120ish

Conclusion:
Intraday wise wait for price to trade either at res. or sup. or for price to make
a breakout either side to play a continuation in the direction of the break ,
however on the longside one should be cautios near the intermediate top at 1127
else wait for the top to be taken out in order to look for longs , or wait for the extremes in this case
the mean of the indecision / 50% mark at 1100

support:
1112
1100
1080

resistance:
1120
1127