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Market Analysis – August 17
Gold (XAUUSD) could slump further due to pressure. The sellers maintain their stronghold and seize the opportunity presented by the buyers’ diminished influence. The initial blow from the sellers hit hard on the yellow metal around the significant level of 2052.590.
This causes the buyers’ strength to decline after a prolonged bullish trend. Consequently, a price reversal was experienced at this key level. Since May, the sellers have been effectively maneuvering the price trend lower.
Gold (XAUUSD) Market Levels
Resistance Levels: 1987.670, 2052.590
Support Levels: 1896.40, 1940.130
Gold Long-Term Trend: Bearish
The buyers attempted to mount another rally, but their buying strength reached its peak around the 1987.670 market level. However, it didn’t take long for the sellers to regain control of the market once again. If the sellers continue to exert their influence, there is a possibility that the price of gold could slump further. Nonetheless, the buyers are eagerly looking out for opportunities to fight back in the market.
Upon analyzing the daily chart, we can observe that the Stochastic Oscillator is currently trading in the oversold section. This suggests that the sellers have a diminished impact at the moment. It might prove challenging for them to penetrate below the 1896.460 market level. This potentially presents an opportunity for the bulls to regain control.
Gold (XAUUSD) Short-Term Trend: Bearish
As we shift our attention to the 4-hour chart, we can see that the bears are still striving to penetrate further. However, the buy traders are prepared to intercept the price movement at the moment. Nevertheless, the possibility of further slumping in the days to come remains a consideration as the sellers gather strength.
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