Gold (XAUUSD) closed its 3rd straight red week on Friday which erased all of the gains of the mid July - August gains. On our August 16 Gold post, we expected some relief but of course this selling is heavier than expected:
Still, as long as the multi-year Support of 1680 holds, a new rebound to at least the 1800 Resistance Zone is possible. However, the price needs to break above the 4H MA50 (blue trend-line), which rejected the short-term rebound yesterday and preferably the Lower Highs trend-line since the August 10 High. Added pressure is given by the Pivot Zone, which is now acting as Resistance (previously a Support).
A bullish factor is the fact that the 1D RSI hit its Oversold Zone. A break above the 4H MA50 can target the 4H MA200/ 1D MA50 (orange and red trend-line respectively) cluster and after a potential re-test of the 4H MA50/ Lower Highs trend-line as a Support this time, then target the 1800 Resistance on the medium-term.
On the other hand, a break and weekly closing below the 1680 Support, can turn the trend Bearish long-term.
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Still, as long as the multi-year Support of 1680 holds, a new rebound to at least the 1800 Resistance Zone is possible. However, the price needs to break above the 4H MA50 (blue trend-line), which rejected the short-term rebound yesterday and preferably the Lower Highs trend-line since the August 10 High. Added pressure is given by the Pivot Zone, which is now acting as Resistance (previously a Support).
A bullish factor is the fact that the 1D RSI hit its Oversold Zone. A break above the 4H MA50 can target the 4H MA200/ 1D MA50 (orange and red trend-line respectively) cluster and after a potential re-test of the 4H MA50/ Lower Highs trend-line as a Support this time, then target the 1800 Resistance on the medium-term.
On the other hand, a break and weekly closing below the 1680 Support, can turn the trend Bearish long-term.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.