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Market fears are piling up due to growing concern about a global economic slowdown. In addition, the tensions between the US and China over Taiwan mean that there is no calm and investors prefer to invest in short-term assets.
This factor could continue to benefit XAU/USD. Indeed, in times of uncertainty and tensions such as wars or conflicts, investors take refuge in gold.
Gold is likely to consolidate in the next few hours until the American session on Wednesday as investors await the release of the US CPI. If the annual CPI will ease in July, it is bearish for the US dollar. In turn, gold is likely to resume its uptrend. It can break the strong resistance at 1,812 (6/8) and could reach the next level at 1,843 (7/8).
According to the 4-hour chart, we can see that since July 21, gold has been trading above the uptrend channel. However, since August 2nd, it has been trading in an overbought zone which suggests that any attempts towards resistance could be seen as an opportunity to sell.
XAU/USD reached the level of 1,800. It suggests that this area becomes a key point and any pullback towards the support zone of 1,783 (21 SMA) or the 200 EMA is likely to be an opportunity to resume the uptrend.
On the other hand, in case there is a sharp break below 5/8 Murray and a sharp break of the uptrend channel, it could mean the start of a new bearish sequence and the price could fall in the short term towards the pivot of 4 /8 Murray at around 1,750.
Our trading plan for the next few hours is to sell gold below 1,800 with targets at 1,873. Or we could wait for a technical bounce at around 5/8 Murray at 1,781 with targets at 1,800 and 1,812. The Eagle indicator is overbought. It means that volatility is limited in the range between 1,800 and 1,780.
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