22 August XAUUSD Price Technical Analysis: Gold is trending higher


Gold has been trending higher. However, what do the technical indicators on the hourly charts show? Read on as this 22 August XAUUSD Price Technical Analysis summarizes findings.

22 August, OctaFX The precious metal has been trending higher alongside an ascending trend-line over the past one week or so, though the up-move now seemed to have paused.

22 August XAUUSD Price Technical Analysis

Technical indicators on hourly charts maintain positive bias but have struggled to pick up the pace on daily chart, failing to support the positive momentum. 

Hence, it would be prudent to wait for a sustained move beyond the $1200 psychological mark before positioning for any further near-term recovery for the commodity.

Gold 1-hourly chart

Spot Rate: $1197.37

Daily Low: $1192.60

Trend: Bullish above $1200 mark

Resistance

R1: $1200.22 (20-day SMA)

R2: $1206.60 (horizontal zone)

R3: $1209.15 (R3 daily pivot-point)

Support

S1: $1192.60 (current day swing low)

S2: $1186.08 (100-period SMA H1)

S3: $1180.05 (S3 daily pivot-point)

Disclaimer

This article about 22 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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