23 August XAUUSD Price Technical Forecast: Risks bearish reversal


If confirmed, what does the risks bearish reversal mean? Find out from the following 23 August XAUUSD Price Technical Forecast.

23 August, OctaFX – Gold is on the defensive despite escalating US-China trade tensions. The new US tariffs on $16 billion worth of Chinese goods have taken effect a few minutes ago and could invite retaliatory action from Beijing.

23 August XAUUSD Price Technical Forecast

A bearish doji reversal would be confirmed if the metal closes below the previous day’s doji candle low of $1,192. The bearish reversal, if confirmed, would mean the corrective rally from the recent low of $1,160 has ended.

Daily chart

Current Price: $1,191

Daily HIgh: $1,196

Daily Low: $1,190

Trend: Risks bearish close below $1,192

Resistance

R1: $1,196 (session high)

R2: $1,200 (psychological hurdle)

R3: $$1,204.59 (Aug. 3 low)

Support

S1: $1,189 (100-hour MA + 200-hour MA)

S2: $1,187 (support of Aug. 21 low on the hourly chart)

S3: $1,185 (38.2% Fib R of $1,160/$1,201.58)

Disclaimer

This article about 23 August XAUUSD 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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