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Abstract:The value of Gold encountered opposition approaching the $1,950 area compared to the US Dollar. Its valuation reached a high close to $1,952 before embarking on a downward adjustment recently.
Key Highlights
• Gold price struggled near $1,950 and corrected lower.
• It traded below a declining channel with support near $1,932 on the 4-hour chart.
• Crude oil prices surged further higher above the $87.00 level.
• The US ISM Services Index could decline marginally from 52.7 to 52.6 in August 2023.
Gold Price Technical Analysis
The value of Gold encountered opposition approaching the $1,950 area compared to the US Dollar. Its valuation reached a high close to $1,952 before embarking on a downward adjustment recently.
The 4-hour chart of XAU/USD indicates that the price declined below the 38.2% Fib retracement level of the upward move from the $1,884 swing low to the $1,952 high. Besides, the price traded below a declining channel with support near $1,932.
There was also a close below the 200 Simple Moving Average (green, 4 hours). If the price continues to move down, it could test the $1,920 support.
The 50% Fib retracement level of the upward move from the $1,884 swing low to the $1,952 high is also near $1,920. The main support could be $1,915 and the 100 Simple Moving Average (red, 4 hours).
If the bulls fail to protect the $1,915 support, there is a risk of a major decline. In the stated case, the price could decline toward the $1,885 level.
Current resistance stands in proximity to the $1,935 region. Following this, substantial resistance is predicted close to the $1,940 marker, exceeding which gold might potentially revisit the crucial $1,950 resistance area.
With regard to crude oil prices, a consistent rising trend was observed, with prices even surpassing the $87.00 resistance area.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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