21 August Gold Price Technical Forecast: Gold outlook remains bullish


Gold prices were seen posting decent gains in early U.S. trading Monday. How is the yellow metal trading at the moment? Gain insight into the following 21 August Gold Price Technical Forecast.

21 August, OctaFX – The hourly chart relative strength index (RSI) is reporting overbought conditions. As a result, gold could find it hard to scale the immediate resistance of the 200-hour moving average of $1,193. 

21 August Gold Price Technical Forecast

A repeated rejection at the 200-hour MA could yield a pullback, although the outlook would remain bullish as long as the yellow metal is holding above the ascending trendline support of $1,190. 

A break below the ascending trendline would allow a deeper drop to the 50-hour MA, currently located at $1,184. 

Hourly chart

Current Price: $1,193

Daily High: $1,194.50

Daily Low: $1,190.32

Trend: Bearish below $1,190

Resistance

R1: $1,195 (5-day MA)

R2: $1,200 (psychological level)

R3: $1,204 (Aug. 3 low)

Support

S1: $1,190 (session low)

S2: $1,183 (5-day MA)

S3: $1,160 (Aug. 16 low)

Disclaimer

This article about 21 August Gold Price Technical Forecast 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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