Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Red lines - bearish channel
Black lines - Fibonacci retracements
Gold price is bouncing towards $1,750. Gold price made a low right at the 61.8% Fibonacci retracement and is now bouncing. This is positive news for bulls. Respecting the 61.8% Fibonacci level is very important for bulls. At this retracement level we usually see trend reversals. Gold's decline from above $1,800 is now complete. Price has formed a higher low at $1,727. Price remains inside the bearish medium-term channel. Is Gold price starting a new upward move from current levels that will eventually push out of the medium-term bearish channel towards $1,850-$1,900? In order for this scenario to come true we need to see a) a new sequence of higher highs and higher lows b) bulls must defend $1,727 area and not let price fall below it c) break above $1,790 upper channel boundary. On the other hand bears would want to see price form a lower high and get rejected at the bounce towards $1,790. Bears want to see a lower high being formed and then price break below $1,727. Conclusion, as long as price remains inside the bearish medium-term channel, we favor the bearish scenario.
Source: Forex Analysis & Reviews: Technical analysis on Gold for August 23rd, 2022.
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