Gold Analysis 18.08.2015

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 , we currently
reside at resistance

Conclusion:
intradaywise one could lookout for a rejection of the resistance level at 1120, any breakout to the upside
plus a retracement can be used for a long play , aswell as any rejection off support at 1112
or wait for the extremes in this case the mean of the indecision / 50% mark at 1100

support:
1112
1100
1080

resistance:
11200
11270