Gold Trade Update

Gold Trade Update

2021-08-24 • Updated

Daily Chart

XAUUSDDaily.png

4H Chart

XAUUSDH4.png

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

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