Gold (XAUUSD) Strives for Bullish Gains

Azeez Mustapha

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Market Analysis: August 24

Gold (XAUUSD) strives for bullish gains in the market as buyers gradually regain control. The sellers’ attempt to break below the significant level of 1884.930 was thwarted. Selling pressure weakened, leading to an increase in buyer momentum. A bearish swing was observed from the level of 2060.310, and the price eventually dropped to the level of 1884.930. This happened even though buyers were very much involved as well.

Gold (XAUUSD) Key Levels

Resistance Levels: 2060.310, 1995.170
Support Levels: 1801.410, 1884.930
Gold (XAUUSD) Strives for Bullish Gains

Gold (XAUUSD) Long-Term Trend: Bullish

This week, buyers have been gaining strength, and traders anticipate a further uptrend in the market. As bullish sentiment grows, the price is expected to break through the market’s strength at 1941.720.
Technical indicators are displaying a focus on bullish gains. The signal line in the MACD (Moving Average Convergence and Divergence) indicator is crossing for a bullish swing, indicating a potential reversal in price.
Additionally, the 9-day and 21-day Moving Average indicators are approaching the point of indicating a bullish market. The Stochastic Oscillator is also showing an upward trend, reflecting increasing buyer strength.
Gold (XAUUSD) Strives for Bullish Gains

Gold (XAUUSD) Short-Term Trend: Bullish

In the short term, the bulls are making significant progress. More buyers are yet to emerge, bolstering the yellow metal’s battle for bullish dominance. The level of 1941.720 will likely be surpassed in the coming days. Traders looking for buy opportunities can plan for their entry into the market. The bulls are currently not willing to push out yet in the market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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