30 August XAUUSD Price Technical Forecast: Break below $1200 to confirm a short-term bearish set-up


The precious metal has been finding support near the key $1200 psychological mark but the up-move remains capped at a short-term descending trend-line resistance. Meanwhile, what does the descending triangle on the 30-min. chart indicate? Take a look at the following 30 August XAUUSD Price Technical Forecast.

30 August, OctaFX – The range-bound price action constitutes towards formation on a descending triangle on the 30-min. chart, suggesting an extension of this week’s retracement from over two-week tops.

30 August XAUUSD Price Technical Forecast

However, technical indicators on hourly and daily charts hold in neutral territory and have failed to support any firm directional bias.

Hence, it would be prudent to wait for a convincing break in either direction before traders start positioning for any short-term momentum.

Gold 30-min. chart

Spot Rate: $1203.90

Daily High: $1207.90

Daily Low: $1200.47

Trend: Bearish only below $1200 mark

Resistance

R1: $1207.90 (descending triangle hurdle)

R2: $1211.75 (R2 daily pivot-point)

R3: $1214.32 (over 2-week high set on Tuesday)

Support

S1: $1200 (psychological round figure mark)

S2: $1196.41 (20-day SMA)

S3: $1192.60 (horizontal zone)

Disclaimer

This article about 30 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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