GOLD: Where it Goes Next?

XAUUSD Gold Traders
08-19

Hello everyone! Today i want to share some macro analysis with you!

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$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ On Tuesday (19 August), during Asian trading hours, gold maintained its moderate rebound trend for the day, with the current price hovering around 3,337.

Technical analysis: The daily chart for gold shows that the directionless 20-day simple moving average (SMA) is providing dynamic resistance around 3,352 dollars, while longer-term moving averages maintain a bullish slope below the current price level.

In the short term, the H4 chart indicates that the price target is to retest the earlier low of 3,323.60, with increased bearish potential. The price is currently trading below all moving averages, which converge in a narrow range around the 3,348 area. Meanwhile, technical indicators are developing below the midline with a neutral to bearish slope, aligning with the view that the price will record lower lows.

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Focus on the 3348-50 resistance zone today! Continue to focus on sell orders in trading!

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