US500: A further correction towards 5192 before resuming purchases.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Gold Trade Hit Short-Term Target
2021-08-17 • Updated
Gold managed to rise further at the end of last week’s trading.
4H Chart
Daily Chart
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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