Market Analysis of XAUUSD on Monday 7 August 2023

2023-08-07 19:25Fonte:BtcDana

XAUUSD TECHNICAL ANALYSIS SHORT TERM VIEW     

 XAUUSD has made double zigzag correction at level of  1892.50 so it has to fall below 1892.50.Stop loss is 1987.50 and straight target is 1892.50 .Strong resistance area is 1955 to 1987.50 levels.Gold can also fall towards 1803 levels .Trend is negative presently so selling is better with stop loss 1987.50 for downside direction targets.1 minute chart showing calculation for sharp fall below 1925  anytime.

 QUICK FUNDAMENTAL LOOK                                                                     

Gold retreats as dollar, yields firm; US inflation data in focus.Gold prices receded on Monday as the U.S. dollar and Treasury yields gained after traders digested Friday's jobs report, with attention turning to U.S. inflation data later this week.

POC = Risk is a part of trading, use caution when placing orders and take market advice only into account.

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