For some time now we’ve seen the Gold behave indecisively. On the daily chart we see how the Gold price trades as price struggles to break past level 1792.58 . We see price’s attempt to break the level on several different occasions. However it seems as if sellers are not allowing that to happen. Price has created fakeout bullish breakouts at this level. The question we ask now is whether price will continue bullishy or will sellers overcome buyers?

Gold H4 Chart 27 August 2021
XAUUSD H4 Chart 27 August 2021

In the H4 chart we see how price ranges between level 1764.67 and level 1792.58. The Gold price trades price trades above level 1792.58. Will it find support at this level or will we see price break blow? Our analysts believe that if if price closes below level 1792.28 then we may see price trade to level 1764.67 where it may find support .

Incase the gold price trades bullish and doesn’t find support at level 1764.67 we may see price drop further to level 1724.96 or even as low level 1684.09 . But if buyers are able to take control of the market from this moment we could see the Gold soar to level 1815.46 where it may find resistance. However we doubt price may struggle breaking past this level.

Gold Daily Chart 27 August 2021
XAUUSD Daily Chart 27 August 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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