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Market Analysis – Augustus 3rd
Gold (XAUUSD) faces a potential decline below the 1938.000 market strength as bullish momentum weakens. The yellow metal had been on a bullish trajectory after a period of bearish sentiment from March to July. During this time, the market dropped from the key level of 2051.270 to the price zone of 1905.060.
Gold (XAUUSD) Market Zones
Resistance Zones: 2051.270, 1980.520
Support Zones: 1815.440, 1626.780
Gold XAUUSD Long-Term Trend: Bearish
Buyers managed to regain strength from the 1905.060 level. This is evident on the daily chart. They successfully pushed the price back up toward the key zone at 1980.520. However, this key zone has proven to be a significant barrier that the yellow metal has been unable to breach.
As a result, sellers have regained control of the market. They have successfully breached the 1938.000 significant level. It seems that sellers are currently in control and are likely to continue exerting pressure.
The Money Flow Index (MFI) indicates the direction in which the price is currently heading. It, therefore, highlights that sellers are still assuming control of the market. The sellers are more likely to build stronger momentum in the days to come.
Gold XAUUSD Short-Term Trend: Bearish
On the 4-hour chart, buyers are putting up a fight in an attempt to reclaim ground above the 1938.000 key zone. However, the Moving Average indicator’s crossing still points toward a bearish market direction. The bears are expected to exert further pressure as selling pressure increases. As traders navigate the gold market, caution is advised, and close attention should be given to key levels and market indicators.
There is potential for a further decline below the 1938.000 market strength. This signifies a bearish sentiment that traders should be prepared for.
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