简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The value of Gold encountered opposition approaching the $1,950 area compared to the US Dollar. Its valuation reached a high close to $1,952 before embarking on a downward adjustment recently.
Key Highlights
• Gold price struggled near $1,950 and corrected lower.
• It traded below a declining channel with support near $1,932 on the 4-hour chart.
• Crude oil prices surged further higher above the $87.00 level.
• The US ISM Services Index could decline marginally from 52.7 to 52.6 in August 2023.
Gold Price Technical Analysis
The value of Gold encountered opposition approaching the $1,950 area compared to the US Dollar. Its valuation reached a high close to $1,952 before embarking on a downward adjustment recently.
The 4-hour chart of XAU/USD indicates that the price declined below the 38.2% Fib retracement level of the upward move from the $1,884 swing low to the $1,952 high. Besides, the price traded below a declining channel with support near $1,932.
There was also a close below the 200 Simple Moving Average (green, 4 hours). If the price continues to move down, it could test the $1,920 support.
The 50% Fib retracement level of the upward move from the $1,884 swing low to the $1,952 high is also near $1,920. The main support could be $1,915 and the 100 Simple Moving Average (red, 4 hours).
If the bulls fail to protect the $1,915 support, there is a risk of a major decline. In the stated case, the price could decline toward the $1,885 level.
Current resistance stands in proximity to the $1,935 region. Following this, substantial resistance is predicted close to the $1,940 marker, exceeding which gold might potentially revisit the crucial $1,950 resistance area.
With regard to crude oil prices, a consistent rising trend was observed, with prices even surpassing the $87.00 resistance area.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In the dynamic world of online trading, two popular methods have emerged as favourites among traders: stock trading and trading Contracts for Difference (CFDs). This article will explain the differences between these two trading methods thoroughly.
Retail proprietary trading firm True Forex Funds has recently announced publicly that it is shutting down permanently after halting operations in February.
The WIKI FINANCE EXPO HONG KONG 2024 will grandly open on May 17th in Hong Kong, China. This year's financial Expo, themed "Discussing the Future of FinTech," is the first high-level industry summit hosted by WikiEXPO in 2024. It aims to break down information barriers in the industry, explore the compliance path of encrypted assets in Hong Kong, and promote innovative exchanges in financial technology, providing cooperation opportunities for institutions and practitioners. At that time, WikiEXPO will be joined by financial technology leaders, innovators, and decision-makers from around the world.
Authorized by the Thai Securities and Exchange Commission, Webull has become the first U.S. retail broker to venture into Thailand, offering local investors access to a wide array of investment opportunities through its retail brokerage services.