Gold price forecast.  XAU / USD is still ready to extend the recovery

 

 

Update: The XAU / USD pair traded in the strong range after closing on Wednesday, before closing slightly above $ 1,750 on Thursday. Although gold was able to continue to rise during the European trading hours on Friday, it seems that it is having a hard time gaining momentum. However, the pair clings to the modest daily growth, last rising 0.38% to $ 1,759.50. Preliminary data on the University of Michigan August consumer sentiment later in the session, which is expected to remain stable at 81.2, will gain momentum from the US, but trading is likely to remain subdued until the weekend.

The price of gold drops to $ 1750, renewing the four-day high by $ 1760 in recent hours. Despite the slight decline, the rising potential of gold prices remains unchanged amid continuing weakening of treasury yields, which continue to delay the US dollar. Market returns are declining as investors become wary of the continuing spread of Delta Covid և uncertainty հաջորդ The next step in the Fed's monetary policy. US lower CPI and good PPI data have left markets in limbo, given recent expectations of a slowdown in the Federal Reserve. Looking ahead, the mood of UoM Consumer consumers in the US can give a fresh look at the economy, in turn affecting the value of the US dollar, gold.

Gold price. View the main levels

The: Technical Conflict Detector shows that gold has tested strong resistance for $ 1760, which is the convergence of last week's low "Bollinger Band one hour above".

Acceptance above the latter is required to apply immediate resistance of $ 1762, the key point being the one-day R1.

The next significant target is set at $ 1767, the lowest level in the previous month, around which the key point of the one-day R2 coincides.

Otherwise, the bears will have to find a strong foothold below the strong support - $ 1754, Fibonacci 23.6% one-day connection, SMA5 four-hour և previous low four-hour connection.

Sellers will then target the $ 1750 support area, where 38.2% of Fibonacci meets SMA50 in one hour.

Further south, Fibonacci's 61.8% one-day ling Bollinger Band's one-hour low of $ 1,748 is the downside.

The $ 1744 support level dense cluster can test for faulty liabilities.

Here's what it looks like on the tool

About detecting technical conflicts

TCD (Technical Conflict Detector) is a tool to find անշ price levels where there is an overload of indicators, moving averages, Fibonacci levels, key points, etc. If you are a short term seller, you will find login. points for counter-trends և catch several points at a time. If you are a medium և long term trader, this tool will allow you to know in advance the price levels where the medium և long term trends can stop և relax, where to open positions or where to increase your positions. position size