Spot gold rebounded after hitting a low in early Asian trading on Monday (August 18), currently trading around $3,350 per ounce.
Reuters technical analysts noted that spot gold could retest support at $3,328 per ounce. A break below this level could send prices down to the $3,309 to $3,316 range.
A break above $3,357 could lead to a rise to $3,374. The daily chart shows support at $3,332. A break below this level and a drop to $3,253 is more likely than a break above $3,380 and a rise to $3,458.
The wedge pattern is contracting towards its apex, looking like a topping formation. However, a break above $3,380 would signal a bullish trend.
XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD
Reuters technical analysts noted that spot gold could retest support at $3,328 per ounce. A break below this level could send prices down to the $3,309 to $3,316 range.
A break above $3,357 could lead to a rise to $3,374. The daily chart shows support at $3,332. A break below this level and a drop to $3,253 is more likely than a break above $3,380 and a rise to $3,458.
The wedge pattern is contracting towards its apex, looking like a topping formation. However, a break above $3,380 would signal a bullish trend.
XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD XAUUSD GOLD 
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Real-time strategies are like a beacon guiding your investment path. The market will never disappoint those who persevere and explore wisely....🚀🚀VIP Channel t.me/EagleEyePrecisionAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
👉Exclusive address t.me/Eagle_PreciseAnalysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.