Technical analysis update: XAUUSD (23rd August 2021)

For last few trading sessions gold has been trading near the upper bound of its downward moving channel. Short term resistance appears between 1780 USD and 1795 USD while short term support sits near 1750 USD. There is also major support around 1678 USD. RSI is neutral to bullish at the moment. Stochastic is bullish. MACD is still below 0 but it has gained bullish direction. We will be watching whether crossover above 0 occurs in MACD over the following days. This would be bullish sign. We also believe that it would coincide with gold surpassing 1800 USD pricetag. We remain bullish on gold.

MACD on daily timeframe:

Prior developements from 10th August 2021:

Here we noted that price was very attractive for entry of the long position.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Trade active:

Gold breaches short term resistance.

Comment:

1800 USD has been taken out.