31 August XAUUSD Technical Forecast: Set-up points to additional intraday gains


How does XAUUSD trade today? Study this extensive 31 August XAUUSD Technical Forecast from OctaFX’s analyst to have an idea.

31 August, OctaFX – Reviving safe-haven demand helped the precious metal to quickly reverse an early dip to sub-$1200 level and regain positive traction to recover previous session’s downtick. 

31 August XAUUSD Technical Forecast

The momentum assisted the commodity to breakthrough a short-term descending trend-line hurdle, forming a part of a bullish falling wedge chart pattern on the 1-hourly chart.

Technical indicators on the mentioned chart have also started gaining positive momentum and reinforce a bullish breakout, supporting prospects for additional intraday gains.

Gold 1-hourly chart

Spot Rate: $1207.52

Daily Low: $1198.61

Intraday Trend: Bullish

Resistance

R1: $1214.32 (over 2-week tops set on Tuesday)

R2: $1218.47 (R3 daily pivot-point)

R3: $1222.34 (50-day SMA)

Support

S1: $1203.50 (wedge resistance break-point)

S2: $1200 (psychological round figure mark)

S3: $1194.47 (S1 daily pivot-point)

Disclaimer

This article about 31 August XAUUSD 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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