Gold (XAUUSD) Continues to Struggle with Bearish Momentum
Login

Gold (XAUUSD) Continues to Struggle with Bearish Momentum

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more


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) Continues to Struggle with Bearish Momentum

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) Continues to Struggle with Bearish Momentum

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.

You can purchase Lucky Block here.  Buy LBLOCK

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.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News