Gold Trade Update

Gold Trade Update

2021-08-24 • Updated

Daily Chart

XAUUSDDaily.png

4H Chart

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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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