XAUUSD Weekly Analysis 20Aug23
Looking at the Monthly Chart, we have the following analysis:
1. This month candle broke below the previous months low but yet it has to give closing before we can decide the next months bias.
2. We can see a clear Support at 1824 on Monthly Chart.
Weekly Chart:
1. Weekly candle closed below our Support Level marking 1907 as a Resistance for Potential Retest.
2. We can also see 1940 as our next Resistance Level if the price continues pushing upwards.
With that in mind we move to Daily Chart for possible trends with price making LL and LH making a downtrend, so lets analyze.
1. As the price is already oversold we cannot enter short here rather we will wait for a possible retest from 1907 or 1940 before it continues pushing downwards.
2. We can look for long position on shorter timeframe as the price is yet to retrace (look at Buys for XAUUSD Analysis).
3. We have two short positions 1907(Medium) and 1940(Strong).
Overall Gold will move down to 1824 in longer term so short position at 1940 level can hold, also short term long positions are possible on retracement.
1. This month candle broke below the previous months low but yet it has to give closing before we can decide the next months bias.
2. We can see a clear Support at 1824 on Monthly Chart.
Weekly Chart:
1. Weekly candle closed below our Support Level marking 1907 as a Resistance for Potential Retest.
2. We can also see 1940 as our next Resistance Level if the price continues pushing upwards.
With that in mind we move to Daily Chart for possible trends with price making LL and LH making a downtrend, so lets analyze.
1. As the price is already oversold we cannot enter short here rather we will wait for a possible retest from 1907 or 1940 before it continues pushing downwards.
2. We can look for long position on shorter timeframe as the price is yet to retrace (look at Buys for XAUUSD Analysis).
3. We have two short positions 1907(Medium) and 1940(Strong).
Overall Gold will move down to 1824 in longer term so short position at 1940 level can hold, also short term long positions are possible on retracement.
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