XAU/USD: Technical Analysis and Trading Recommendations_08/13/2021

 
 
 
 
 
 
 

Despite the sharp decline last Friday and Monday, XAU / USD still remains in the territory of the long-term bull market, above the key long-term support level 1592.00 (ЕМА200 on the weekly chart).

Therefore, if the short-term resistance level 1765.00 (ЕМА200 on the 1-hour chart) is broken, the chances of XAU / USD returning to the balance line and the key level 1805.00 (ЕМА200 on the daily chart) will increase.

The breakdown of the local resistance level 1832.00 will provoke further growth, first to the local resistance level 1916.00, and then, in case of its breakdown, to the local resistance levels 1963.00, 1976.00, 2000.00.

In the alternative scenario, and in case of further strengthening of the dollar, the XAU / USD decline will resume with targets at support levels 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the level of 1050.00), 1655.00 (ЕМА144 on the weekly chart), 1592.00 (ЕМА200 on the weekly chart), 1560.00 (Fibonacci level 50%).

A breakdown of the short-term support level 1750.00 (ЕМА200 on the 15-minute chart) may become a signal for the implementation of this scenario.

Support levels: 1750.00, 1685.00, 1655.00, 1592.00, 1560.00

Resistance levels: 1765.00, 1795.00, 1805.00, 1832.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00

Trading recommendations

Sell Stop 1748.00. Stop-Loss 1771.00. Take-Profit 1685.00, 1655.00, 1592.00, 1560.00

Buy Stop 1771.00. Stop-Loss 1748.00. Take-Profit 1795.00, 1805.00, 1832.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00