FX.co ★ Gold 10.08.2019 - Sell zone on the Gold

Gold has been trading sideways at the price of $1,500. Most recently, I found rejection of the important resistance cluster from $1,508. Downside potential is in play.

Purple lines – Downward channel

Purple falling line – Expected path

Red rectangles – Important support levels

Yellow Rectangle – Resistance zone

My advice is to watch for selling opportunities on the Gold since it is still in the downtrend. As long as the Gold is trading below the $1,510, I would prefer downside opportunities. Support levels are seen at $1,493 and $1,486.