24 August XAUUSD Price Technical Forecast: Gold look set to re-test $1,200


How does XAUUSD trade today? Study this 24 August XAUUSD Price Technical Forecast from OctaFX’s analyst to have an idea.

24 August, OctaFX – Gold’s hourly chart shows a falling wedge reversal, which indicates the metal’s pullback from the high of $1,201 has ended and the corrective rally from the recent low of $1,160 has resumed.

24 August XAUUSD Price Technical Forecast

Gold prices look set to re-test the psychological hurdle of $1,200.

However, there is merit in being cautious as the 50-hour MA is about to cross the 100-hour MA from above (bear cross). So, prices could face stiff resistance around $1,192 (a level where the 50-hour MA is about to meet the 100-hour MA).

Hourly chart

Current Price: $1,188

Daily High: $1,289

Daily Low: $1,183

Trend: Cautiously bullish

Resistance

R1: $1,191.50 (50-hour MA + 100-hour MA)

R2: $1,201 (Aug. 22 high)

R3: $1,217 (Aug. 10 high resistance as per the 4-hour chart)

Support

S1: $1,187 (4H 50MA)

S2: $1,183 (session low)

S3: $1,160 (recent low)

Disclaimer

This article about 24 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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