3 August XAUUSD Price Technical Outlook: Gold Stages a solid rebound from 13-month lows


Earlier, gold reversed an early uptick to $1210 area and dropped to near 13-month lows. How is the yellow metal now trading? Get updated with the latest 3 August XAUUSD Price Technical Outlook.

3 August, GKFX – PBoC news-led modest USD retracement triggers the initial leg of recovery move from the $1200 neighborhood, or 13-month lows, amid near-term oversold conditions.

Disappointing headline NFP print, coupled with trade-related headlines provided an additional boost and lifted the commodity through an important confluence hurdle. 

3 August XAUUSD Price Technical Outlook

With RSI (14) on the 1-hourly chart gaining positive momentum, a follow-through up-move, possibly beyond $1220 level, now looks a distinct possibility.

Gold 1-hourly chart

Spot Rate: $1214.83

Daily Low: $1204.50

Trend: Short-term bullish 

Resistance

R1: $1218 (100-period SMA H1)

R2: $1221 (overnight swing high)

R3: $1229 (weekly high set on Tuesday)

Support

S1: $1210 (horizontal zone)

S2: $1204.50 (daily swing low)

S3: $1200 (psychological round figure mark)

Disclaimer

This article 3 August XAUUSD Price Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.

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