Gold analysis dated 31/08

Gold – Daily Analysis..

We are currently in the zone 4440‑430, which acts as a buying support. The market closed near this level. Since the open, price dropped to 4404 and then recovered, closing back at the support zone, forming a range. The support area is holding; a break above it could drive the price up to 4465‑4486. If that breakout holds, the next targets are 4505 and 4525. However, a break below the current support would push the price down, and we are watching for a move to 4365‑4350 as the first solid support for buying. Additional support levels lie at 4310, 4270, 4230 and 4170.

The optimal short entry is between 4525‑533; if the move accelerates, the price may target the neckline resistance at 4563‑4582.

A near‑term long entry is around 4363‑353; if that level is broken, the price could fall to the deeper support at 310, followed by 270. A subsequent long opportunity appears between 4230‑170.