GOLD → Can the XAU stop falling?

21 Ağu 2023

XAUUSD is declining amid the strengthening of the dollar index. The latter in its turn broke a strong resistance, and XAU continues to update the lows

There is a possibility that the decline in gold may stop, but only if the trend resistance is broken. The price will go into a sideways flat condition, which will force the price to trade in the 1900 - 1800 range.
At the moment, the XAUUSD pair is within the boundaries of the bearish price channel. A resistance retest is being formed, which could push the price beyond 1890 and trigger another drop to 1880.
On the global chart on Sunday, we saw the current bullish trend where I described the potential for the medium-term outlook of the XAU. The market is bearish and we should prioritise looking for resistance levels for selling



Support levels: 1890, 1884
Resistance levels: 1894, 1900
I expect a bearish scenario to form in the market, but gold may try to break the trend resistance.

Regards R. Linda!