20 August XAUUSD Price Technical Analysis: Gold continued the upward trend


On Thursday, the XAUUSD pair reached a low of $1160. How is the pair trading currently? Gain insight into today’s 20 August XAUUSD Price Technical Analysis.

20 August, OctaFX – Gold rose by more than 1% today as traders’ optimism on trade rose. Other metals too like copper and platinum were higher as traders hoped that the new talks will be positive for the market. Gold has had a rough period in the past few weeks.

Last week, it reached a low of $1159, which was the lowest level since January last year. This was the sixth consecutive week of declines and the worst performance since December.

20 August XAUUSD Price Technical Analysis

On Thursday, the XAUUSD pair reached a low of $1160. This was the lowest level since January last year. Today, the pair continued the upward trend started on Thursday. It reached an intraday high of $1190.

On the 30-minute chart below, the pair has formed a symmetrical triangle pattern. The price is between the 38.6% and 50% Fibonacci Retracement pattern. In the near-term, the pair is likely to test the $1180 level, which is closer to the 38.2% Fibonacci and the support shown below.

Disclaimer

This article about 20 August XAUUSD Price Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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