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Market Analysis – August 10th
Gold (XAUUSD) Continues to Struggle with Bearish Momentum. The market is still locked in a battle with bearish strength, despite the ongoing efforts of buyers. The price took a sharp turn from its previous bullish sentiment several weeks ago.
In June, sellers initiated a bearish strike that pushed the price down to the 1906.180 level. Although the bulls attempted to regain control, they could only manage to push the price close to the 1982.310 level. Since then, the bulls have faced a challenging season in the market.
Gold XAUUSD Key Zones
Resistance Zones: 2051.590, 1982.310
Support Zones: 1940.150, 1906.180
Gold XAUUSD Long-Term Trend: Bearish
Gold (XAUUSD) has been prone to yielding to bearish sentiment in recent times. Last week, sellers broke through to lower levels beyond the 1940.150 mark. However, buyers are still making attempts to regain power in the market.
Currently, buyers are making modest gains amidst the prevailing bearishness. However, it is important to note that sellers still have a higher tendency to push through. The current buying action may be short-lived, as buyers require additional momentum to sustain a meaningful push higher.
The Stochastic Oscillator indicates that buyers are poised for a potential crossover. This suggests a potential buying action ready to unfold for a brief period.
Gold (XAUUSD) Short-Term Trend: Bearish
On the shorter time frame, the market remains to confirm bearish sentiment, despite the interception by buyers. While buyers may display determination, their ability to pull back the market is likely to be limited. The Moving Average crossing acts as a resistance level for the market, impeding significant upward movement.
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