1. Current trend of XAU/USD
At the beginning of this week the pair XAU/USD fell sharply. During the opening NY session on 13 August gold dropped from the level of 1622.00 to 1607.70. Now, after downward movement we can observe correction and upward surge; the price has consolidated at the level of 1615.00. Competent analysts and many large investors predict that gold will grow significantly in the near future.
At the beginning of this week the pair XAU/USD fell sharply. During the opening NY session on 13 August gold dropped from the level of 1622.00 to 1607.70. Now, after downward movement we can observe correction and upward surge; the price has consolidated at the level of 1615.00. Competent analysts and many large investors predict that gold will grow significantly in the near future.
2. Important levels (Support and Resistance)
Currently, the pair has consolidated near initial resistance levels of 1616.00 and 161780. If the price breaks down these levels, further upward movement to the key resistance level of 1628.60 will be possible. If “bullish” sentiment continues to dominate, movement may reach the key resistance level of 1645.00, which are the local highs for the last three months. As for the long-term outlook for XAUUSD, many reputable publications and large investors believe that gold will significantly grow and the price of gold will increase up to 1900 USD for an ounce.
3. Best entry/exit points
The most feasible scenario for today is correction and further growth.
It is advisable to place long positions with profit taking at the level of 1628.00 and further at1644.00.
It is also possible that pending orders will be placed with the limit on purchase around 1609.00 with profit taking at the level of 1628.00 and more risky level of 1644.00.
The most feasible scenario for today is correction and further growth.
It is advisable to place long positions with profit taking at the level of 1628.00 and further at1644.00.
It is also possible that pending orders will be placed with the limit on purchase around 1609.00 with profit taking at the level of 1628.00 and more risky level of 1644.00.
4. Supporting facts
MACD indicator is in the positive area below the signal line and is directed downward, giving a signal for downtrend correction movement.
Long-term trend is positive that was secured by negative real rates. The consolidation period has been lasting for around a year and shall be completed soon. Gold will have one more growth lap, during which the price of gold will rise above 1900 USD per ounce.
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