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Gold Trade Hit Short-Term Target

Gold Trade Hit Short-Term Target

Information is not investment advice

Gold Trade Hit Short-Term Target 

Gold managed to rise further at the end of last week’s trading.

4H Chart 

XAUUSDH4 16 Aug 2021.png

Daily Chart 

XAUUSDDaily 16 Aug 2021.png

Gold managed to rise further at the end of last week’s trading, reaching our short-term target at 1750 and 1780 mentioned in our weekly video market update and in our previous daily notes. The long position signal was issued at 1730 on the short and the medium-term. Gold began the week lower, back to 1773 USD/Oz so far, while the technical indicators are still encouraging. Yet, I prefer to keep the medium-term position for now and keep the stop loss at the entry to protect the position from any possible loss. As for this week, Gold needs to hold above 1760 USD/Oz, while a stabilization above that level might lead to another leg higher, targeting 1800 USD/Oz.

S3 S2 S1 Pivot R1 R2 R3
1713.83 1742.17 1760.95 1770.51 1789.29 1798.85 1827.19

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

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