XAUUSD 08/08: Downtrend continues

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

Komen:

As expected, the downtrend continues

Dagangan ditutup: sasaran tercapai:

Gold has followed the downtrend as expected