GOLD Gold price continues its downtrend
Signals for August 16
GOLD
Gold hovers around the $1,901 mark during the Asian trading session on Wednesday. An upbeat United States (US) Retail Sales have raised concerns over further tightening of monetary policy by the US Federal Reserve (Fed) weighed on
XAUUSD
price the previous day.
Bears are in control near term, as the 4-hour chart shows that
XAUUSD
peaked for the day at around a firmly bearish 20 SMA, quickly retreating from the moving average. At the same time, the 100 SMA is crossing below the 200 SMA, both around $1,941, while technical indicators gain downward traction within negative levels.
Support levels: 1,896.30 1,888.30 1,879.95
Resistance levels: 1,915.30 1,9221 1,934.85
GOLD
Gold hovers around the $1,901 mark during the Asian trading session on Wednesday. An upbeat United States (US) Retail Sales have raised concerns over further tightening of monetary policy by the US Federal Reserve (Fed) weighed on
XAUUSD
price the previous day. Bears are in control near term, as the 4-hour chart shows that
XAUUSD
peaked for the day at around a firmly bearish 20 SMA, quickly retreating from the moving average. At the same time, the 100 SMA is crossing below the 200 SMA, both around $1,941, while technical indicators gain downward traction within negative levels. Support levels: 1,896.30 1,888.30 1,879.95
Resistance levels: 1,915.30 1,9221 1,934.85
SL : 1928
TP 1: 1915
TP 1: 1912
TP 1: 1908