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According to technical analysis, Gold (XAU / USD) in 4-hour charts is under downward pressure, as it is trading below the SMA of 21, and below the strong resistance of 2/8 of murray.
Last week, gold managed to reach the $1,832 zone. After having formed a double-top pattern in this zone, it began a decline. Now it is trying to recover and rise to the resistance zone of $1,815.
A pullback towards the resistance zone located at $1,815 will be a good selling opportunity because the daily pivot is located at this same level, which keeps Gold under downward pressure.
On the contrary, if the downward pressure continues against Gold, we expect a technical rebound in the zone of the dynamic support of the 200 EMA located at $1,798. This level will be a good opportunity to buy.
The sharp break below the 200 EMA around $1,798 could accelerate the decline to the murray 1/8 support at $1,781.
We believe that in the next few days Gold will trade within a price range between $1,818 - 1,798, both levels must be taken into account in order to buy or sell.
The market sentiment report shows that 81.13% of operators who are buying Gold. This is a sign that in the short term it could fall to the zone of $1,781 and in the medium term to the zone of $1,750.
The eagle indicator in 4-hour charts is showing a bearish signal.
Support and Resistance Levels for August 02 - 03, 2021
Resistance (3) 1,833
Resistance (2) 1,826
Resistance (1) 1,818
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Support (1) 1,805
Support (2) 1,797
Support (3) 1,793
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Trading tip for GOLD for August 02 - 03, 2021
Sell if pullback 1,815 (SMA 21), with take profit at 1,798 (EMA 200), stop loss above 1,821.
Buy if rebound EMA 200 at 1,798, with take profit at 1,815 (SMA 21), stop loss below 1,792.
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