XAUUSD 08/08: Downtrend continues
Updated
Gold price analysis:
The 4-hour chart offers a neutral-to-bearish stance as
XAUUSD develops below all its moving averages, with the 20 SMA providing intraday resistance.
Finally, technical indicators are directionless. The Momentum indicator heads nowhere around its 100 line, while the Relative Strength Index (RSI) indicator hovers around 40.
Support levels: 1,922.95 1,911.80 1,898.10
Resistance levels: 1,944.95 1,954.70 1,966.90
The 4-hour chart offers a neutral-to-bearish stance as
XAUUSD develops below all its moving averages, with the 20 SMA providing intraday resistance.Finally, technical indicators are directionless. The Momentum indicator heads nowhere around its 100 line, while the Relative Strength Index (RSI) indicator hovers around 40.
Support levels: 1,922.95 1,911.80 1,898.10
Resistance levels: 1,944.95 1,954.70 1,966.90
Note
As expected, the downtrend continuesTrade closed: target reached
Gold has followed the downtrend as expected
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