Technical analysis update: 19th August 2021

Gold's price has retraced back to its 20-day Simple Moving Average. RSI is flat. Stochastic is bullish. MACD is still in a bearish zone. However, its direction is to the upside. We will observe MACD for next few days. We will be looking for crossover above 0 points. This would be bullish developement and could lead to price increase above 1800 USD. Gold has currently strong resistance in area between 1780 USD and 1795 USD. Price has been climbing steadily since 9th August 2021 when gold plunged to its medium term support around 1670 USD.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.