Technical analysis update: XAUUSD (6th August 2021)

Gold has been trading sidways for a while now. ADX contains low value which suggest neutral trend remains in place. In addition to that RSI, MACD and Stochastic are neutral. Despite current struggle in gold to move up we remain optimistic on future price of gold. Our medium term price target remains 1850 USD and our long term price target remains 1875 USD.

Prior developements from 21st July 2021:

Here we suggested that gold would be moving along upper channel line for indefinite amount of time. We still expect gold to decouple from this area and move to the upside.

More developements from 30th June 2021:

Here we hinted at divergence between price and RSI. We also correctly predicted reversal in price direction.

More developements from 26th May 2021:

Here we suggested that gold reached overbought zone and odds of correction were increasingly growing.

More developements from 16th April 2021:

Here we correctly predicted move to upper bound of downward moving channel.

Disclaimer: This analysis is not intended to encourage any 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.

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Hourly timeframe is becoming strongly oversold.