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Forex

28 August XAUUSD Price Technical Forecast: Gold oscillates between converging trend-lines

Forex
28 August XAUUSD Price Technical Forecast: Gold oscillates between converging trend-lines

The precious metal has been oscillating between two converging trend-line over the past 24-hours or so, forming a bearish reversing – rising wedge chart pattern on the 15-min. chart. What should traders do at the moment? Find out in this latest 28 August XAUUSD Price Technical Forecast.

28 August, OctaFX – A convincing break below the pattern support, near $1210 area, will confirm the bearish formation and indicate that the near-term recovery move might have started losing steam. 

28 August XAUUSD Price Technical Forecast

However, technical indicators on hourly and daily charts hold in positive territory and support prospects for an extension of the recent positive momentum.

Hence, it would be prudent to wait for a convincing break in either direction before traders start positioning for the commodity’s near-term trajectory. 

Gold 15-min. chart

Broker of the month

Spot Rate: $1213.32

Daily High: $1214.32

Daily Low: $1208.08

Trend: Sideways/consolidative

Resistance

R1: $1214.78 (R1 daily pivot-point)

R2: $1220 (horizontal zone)

R3: $1226.40 (50-day SMA)

Support

S1: $1210.60 (pattern support)

S2: $1205.18 (S1 daily pivot-point)

S3: $1200 (psychological round figure mark)

Disclaimer

This article about 28 August XAUUSD Price Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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