Baxia Markets
August 03, 2021

XAUUSD moving sideways

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The precious metal continues to be on a general uptrend, but markets seem uncertain at this time. Gold has been trading within a $50 range for the last 21 trading sessions. The price entered the Ichimoku cloud, strengthening the market uncertainty.

Gold could not complete the breakout of the $1,824 resistance at our 38.2% Fibonacci retracement; the Bollinger bands are shrinking, which consolidates the price close to the $1,800 levels right between the bands.


Gold August 2nd 2021

The price was considered relatively high as the pair was trading above the upper Bollinger band. There is a chance that the metal will continue to fall in the short term until it finds support, most likely at $1,795, where we would expect it to bounce and attempt another breakout of the resistance.

The moving averages have crossed, indicating an uptrend once again; however, the possibility of a pullback is still there. The relative strength index is at 50%, which will allow Gold to rise with more momentum. Our parabolic SAR indicates that an uptrend should be expected.


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