Yesterday, we highlighted the need for a sustained move above $3,344 for bulls to gain control. However, gold failed to hold that level, with the 200MA providing firm resistance.
Gold currently trading around $3,337, sitting just above the 50MA (pink) but still capped below the 200MA (green). This keeps the structure in a neutral-to-bearish stance, as short-term momentum has improved slightly, but the broader trend remains pressured under the 200MA.
Buyers need sustained momentum above $3,344, it would open the path toward $3,364 and $3,386. A decisive reclaim of the 200MA would further strengthen bullish momentum.
On the downside, failure to hold above $3,324 risks a move back into the Secondary Support Zone ($3,304–$3,281). A deeper breakdown would expose the HTF Support Zone ($3,254–$3,229).
📌 Key Levels to Watch
Resistance:
• $3,344
• $3,364
• $3,386
• $3,406
Support:
• $3,324
• $3,304
• $3,281
• $3,254
• $3,229
🔎 Fundamental Focus – Thursday, Aug 21
Today brings several key U.S. releases including Unemployment Claims, PMI data, and housing figures, alongside the start of the Jackson Hole Symposium. These events are likely to increase volatility in gold.
⚠️ Risk Management: Expect sharp intraday swings and possible fakeouts around data releases. Keep risk tight and wait for confirmation before committing to trades.
Gold currently trading around $3,337, sitting just above the 50MA (pink) but still capped below the 200MA (green). This keeps the structure in a neutral-to-bearish stance, as short-term momentum has improved slightly, but the broader trend remains pressured under the 200MA.
Buyers need sustained momentum above $3,344, it would open the path toward $3,364 and $3,386. A decisive reclaim of the 200MA would further strengthen bullish momentum.
On the downside, failure to hold above $3,324 risks a move back into the Secondary Support Zone ($3,304–$3,281). A deeper breakdown would expose the HTF Support Zone ($3,254–$3,229).
📌 Key Levels to Watch
Resistance:
• $3,344
• $3,364
• $3,386
• $3,406
Support:
• $3,324
• $3,304
• $3,281
• $3,254
• $3,229
🔎 Fundamental Focus – Thursday, Aug 21
Today brings several key U.S. releases including Unemployment Claims, PMI data, and housing figures, alongside the start of the Jackson Hole Symposium. These events are likely to increase volatility in gold.
⚠️ Risk Management: Expect sharp intraday swings and possible fakeouts around data releases. Keep risk tight and wait for confirmation before committing to trades.
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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.
Related publications
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.