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.
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