Risk Warning: CFDs and margin FX are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone and may result in you losing substantially more than your initial investment. Please consider our PDS

XAU/USD – After 4 weeks of consecutive gains, Gold at Downtrend Resistance, Signals of sell positions?

Chart of the Week – 10th August 2022----

• XAU/USD – After 4 weeks of consecutive gains, Gold at Downtrend Resistance, Signals of sell positions?

Chart of the Week –  XAU/USD – After 4 weeks of consecutive gains, Gold at Downtrend Resistance, Signals of sell positions?

  • Resistance Zone: $1865 to $1885
  • Key Resistance: $1830
  • Major Pivot Point: $1800
  • Key Support Level: $1755
  • Support Zone: $1720 to $1700
  • 200 Day SMA – Green Line
  • 50 Day SMA – Red Lin
XAU/USD daily chart
XAU/USD daily chart

Chart Analysis:

The chart setup shows that the pair is sitting just under the Major Pivot point at $1800 currently a resistance level. Just about at this price point, Gold slipped sharply down on 5th July. And the selloff later brought prices down to hit the yearly low at $1681. At this stage, the pair is heading into the downtrend resistance and a breakout is needed to have a better idea of what direction the gold is going to take from here.

Daily Chart Directional bias - 2 Weeks 

Trade InsightsXAU/USD – Chart shows Viable Short Positions below the Major Pivot Point at $1800, with the first target of the mild Support level at $1770 and then the test of the Key Support Level at $1755.

Alternatively, Long positions above the Major Pivot at $1800, with the first target to head towards the Key Resistance level at $1830 and then towards $1850 and beyond.

Open a FREE CFD demo trading account

Disclaimer

The information provided is of a general nature and is not intended to be personalised financial advice. The information provided is not intended to be a substitute for professional advice. You may seek appropriate personalised financial advice from a qualified professional to suit your individual circumstances.

Trading in Rockfort Markets derivative products may not be suitable for everyone as derivative products may be considered as high risk. Please ensure that you understand the risks involved. A Product Disclosure Statement can be obtained here and should be considered before trading with us.

Vishal, R.

August 10, 2022

Share on facebook
Share on twitter
Share on linkedin

Related blog posts

Get weekly insights from award-winning team

Sign up for all the latest updates from our Rockfort Academy including news, industry analysis and updates from trading central team.

  * By entering your email, you agree to our Terms of Service and Privacy Policy.

Open a FREE Demo Trading Account

Rockfort Markets’ products are risky; please read our PDS.