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Forex Analysis & Reviews: Gold buyer exhausted
time 11.08.2022 09:24 AM
time Relevance up to, 12.08.2022 09:24 AM

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XAU/USD Downside Needs Confirmation!

The price of gold registered a strong growth on the H1 chart but it has signaled exhausted buyers after failing to reach and retest the upside line. Now, it has dropped below the uptrend line which represented a downside obstacle.

The 1,782 historical level (former low) is seen as a downside obstacle as well. Failing to stay above the uptrend line could announce that the uptrend ended and that the rate could develop a new downside movement.

Gold Trading Conclusion!

Dropping below 1,782 may signal a larger downside movement. On the other hand, staying above this level and jumping above the former high of 1,802 may signal an upside continuation.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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