Technical analysis update: XAUUSD (13th August 2021)

Gold has rebounded from its recent low at 1677.686 USD. Currently it trades around 1750 USD. RSI reversed to the upside and crossed above 30 points on its way, showing bullish signs at the moment. MACD is flattening out. Stochastic oscillates in its lower area, although, it starts to show first signs of reversing to the upside similarly like RSI. First resistance sits near 1790 USD which coincides with 20-day Simple Moving Average. Second resistance appears around 1835 USD and third resistance around 1917 USD. We think all these levels will be taken out over time. We also think it is highly possible that gold has already bottomed out (in recent slump) at its medium/long term support from March 2021. Our medium term price target remains 1850 USD and our long term price target remains 1875 USD.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.