FX.co ★ Trading plan for Gold on August 31, 2020

Technical outlook:

Gold might have reached a meaningful top around $2,075. The yellow metal dropped sharply lower since then and hit the low of $1,862 before pulling back. It is seen to be trading around $1,967 at the moment of writing and it is expected to turn lower again soon. Immediate price resistance is seen towards $2,075, while support is around $1,862. A break below $1,862 would confirm the trend reversal. On the flip side, if Gold manages to rise above $2,075, it could reach $2,100 before finding resistance again. Please note that upside remains limited from here, hence it would be a safe strategy to sell on rallies. The 15-month uptrend in Gold might come to an end sooner than expected.

Trading plan:

Aggressive traders remain short, stop is above $2,075, target is open.

Good luck!