2021-08-24 • Updated
Daily Chart
4H Chart
Gold began the week higher breaking multiple resistance areas, including 1780 followed by 1800, and closed yesterday's trading above 1800 for the first time since the flash crash that happened a few weeks ago. Gold reached our short-term targets mentioned in our previous reports at 1800, while our medium-term long positions that we issued a few weeks ago from 1730 remain active with over $75 profit so far. In the meantime, it would be wise to increase the Stop Loss once again to 1770 USD/Oz to protect our profits. On the upside view, the technical indicators are strongly bullish, which may lead to another leg higher to retest the 200-day MA which currently stands at 1811 USD/Oz, which could be seen before the end of the week.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1736.28 | 1766.22 | 1785.82 | 1796.16 | 1815.76 | 1826.10 | 1856.04 |
US stocks have delivered their worst first half of a year in more than 50 years triggered by the Fed's attempt to control inflation and growing concerns about recession.
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Global equities on Wall Street experienced a mixed session following the Thanksgiving holiday, heading for the most significant one-month rally since November 2020. MSCI's global shares index slightly eased but was still on track for an 8.5% monthly gain, fueled by growing investor confidence that U.S. interest rates...
Brent crude futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session.
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