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GOLD IS SET FOR A NEW BULLISH TARGET

Long
MOEX:XAUUSD_SPT   XAU/USD_SPT - XAU/USD CURR
GOLD IS SET FOR A NEW BULLISH TARGET

August 30/2021

XAU/USD will be clinging to the next resistance line as the market sentiment is aimed at achieving a fresh buying power. While the bulls can have a highly substantial amount of factors that could trigger positive market conditions.

The bears on the other hand have tested a pullback below support on consecutive occasions but all action by the bears in response to push the price of Gold lower beyond the present support zone amassed to a failing input.

When looking at the XAUUSD market structure from a technical analysis standpoint we'll see that the entire volatility of the precious metal pair against the greenback is currently at a very low point. Where price action traders can sense a term of price rejection within the market demand zone it should be noted XAU/USD price has fallen from the highest supply position for 2075.10 which is said to be the highest point the price of Gold has ever attained in the overall history of gold trading against dollar.

Although the purpose of which the price of gold was said to have undergone a bearish experience can be attributed to the overbought condition the price of Gold was exposed to.

Presently the trading recommendation you can get if you're planning towards opening a XAUUSD position will be to stay in a long trading bias, as the volume of market participants demanding to raise the price of gold above the current level is very high.

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