Gold Price Analysis — August 19

Gold Price Analysis — August 19

Gold (XAU/USD) has found decent support around the $1,985-80 region in the early trading hours on Wednesday as it strives to regain dominance above the $2,000 resistance. Meanwhile, bulls remain unsettled over the upcoming minutes of the US Federal Reserve’s latest policy meeting, which could influence serious volatility in the market in the near-term.

In the meantime, the yellow metal continues to elicit support from the declining US Treasury bond yields, which is representative of the tension over the US fiscal stimulus, which could impede any significant economic recovery in the near-term.

Furthermore, the prevailing Sino-US trade tensions, especially after Saturday’s phase one deal review postponement by president Trump, remains a strong favorable factor underpinning the heavy demand for gold.

Moving on, the FOMC minutes will be a major determinant for the next directional movement for the commodity. Market participants will be looking for any clues on the yield curve control and long-term economic projections for trading opportunities in the near-term.

XAUUSD – Hourly Chart

Gold (XAU) Value Forecast — August 19

XAU/USD Major Bias: Bullish

Supply Levels: $1,995, $2,000, and $2,015

Demand Levels: $1,980, $1,960, and $1,939

Gold is currently holding up well above the $1,985 support and it seeks to reclaim $2,000. A break below that support will be met with the 200 simple moving average at $1,980 which is also a strong pivot region. A break below the pivot region ($1,983 – $1,960) could send gold speeding towards the $1,939 support again.

However, if gold can find its footing above $1990, we could see the $2,000 mark once again and further tops.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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