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Gold, XAU/USD, accumulates for 18 sessions of 4 hours consolidating below 1,795. There is the EMA of 200, this is a key level because below it there is strong downward pressure. The last candles tried to break through this barrier without success and fell to the support of 1,781, the level of 5/8 of murray.
At this time of writing, it is trading at the 1,782 level around the 5/8 murray line. We can observe the formation of a symmetrical triangle pattern. A bearish breakout around 1,775 will be a good opportunity to sell with objectives at 1,770 and 1,750 (4/8).
At the moment, the bias is slightly downward since the eagle indicator that measures the volume and strength of the market has reached the level of 95, which represents extreme overbought conditions. Therefore, we believe that in the next few days there could be a fall towards the 1,750 support level.
The US dollar has reached the maximum level of 93.58 from April 11, 2020. Yesterday, it advanced its upward movement after the publication of the FOMC minutes on Wednesday. The Fed indicated its willingness to start reducing asset purchases before the end of the year. This data has given the US dollar upward strength and limit the rise of gold.
The market is digesting the statements of the FOMC and expecting any announcement related to the reduction of bond purchases. Investors are also concerned about the economic recovery which is now weakened by the resurgence of Covic-19 with the Delta Variant. The increase bond yields would jeopardize the strength of gold and it could fall towards the 1,750 level in the next few days.
The key point to watch is the 200 EMA. As long as gold remains below this level, there is the possibility of a downward movement towards the 1,781, 1,770 and 1,750 support. The eagle indicator is showing a sign of an imminent downward correction.
Support and Resistance Levels for August 20 - 23, 2021
Resistance (3) 1,807
Resistance (2) 1,799
Resistance (1) 1,789
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Support (1) 1,774
Support (2) 1,764
Support (3) 1,754
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Trading tip for GOLD XAU/USD for August 20 - 23, 2021
Sell below 1,775 (symmetrical triangle), with take profit at 1,764 and 1,750 (4/8), stop loss above 1,782.
Sell if there is a pullback to1,795 (EMA 200), with take profit at 1,764 and 1,750 (4/8), stop loss above 1,802.
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