Gold Comment 18/08 – Strong recovery but downtrend is still ther
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⚡️ China is in trouble, especially in the real estate sector. These fluctuations have an impact on the price of gold (XAUUSD), represent volatility in the market and affect investors.
⚡️ From a technical perspective, the daily chart of the XAU/USD pair suggests that the decline will continue. The pair peaked near the 200 simple moving average (SMA) and then plummeted away from this point. At the same time, the 20 SMA is stable at the top, compatible with the overall bearish direction. Importantly, technical indicators have hit negative levels, showing the strength of sellers. Finally, the technicals are mostly bearish, with the Relative Strength Index (RSI) sliding into the oversold zone.
BUY XAUUSD price range: 1882 - 1884
Stoploss : 1877
Take Profit : 1890
Take Profit : 1895
Take Profit : 1900
⚡️ From a technical perspective, the daily chart of the XAU/USD pair suggests that the decline will continue. The pair peaked near the 200 simple moving average (SMA) and then plummeted away from this point. At the same time, the 20 SMA is stable at the top, compatible with the overall bearish direction. Importantly, technical indicators have hit negative levels, showing the strength of sellers. Finally, the technicals are mostly bearish, with the Relative Strength Index (RSI) sliding into the oversold zone.
BUY XAUUSD price range: 1882 - 1884
Stoploss : 1877
Take Profit : 1890
Take Profit : 1895
Take Profit : 1900
Заметка
The yellow metal’s latest corrective bounce could be linked to a retreat in the US Treasury bond yields and the US Dollar, as well as hopes for China stimulus. That said, the US bond coupons remain pressured after challenging the multi-year high the previous day while the US Dollar Index (DXY) also consolidates the fourth weekly gain in a row as market players brace for the next week’s annual event at the Jackson Hole Symposium where the top-tier central bankers speak.Заметка
Let's continue to wait for the market to match our signalЗаметка
Gold prices gained some positive traction on Friday and now, appear to have broken a 4-day bearish streak to its lowest level since March 13, around the $1,885 region touched today. yesterday. XAU/USD maintained its bid throughout the early part of the European session and is now trading just above $1,890, up around 0.30% on the day. However, the intraday bulls lack confidence in the bulls, so caution is warranted before positioning for any meaningful rebound.Заметка
Unfortunately for this strategy we missed 10 pips to win the strategy. Congratulations to those who bought around the price range. Gold price is currently stuck in the 1890 range because it has not broken through the 1896 price zone. This resistance is still reliable. maybe next week the price will break out through this area and find 1900Заметка
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