Gold Trading Strategy August 8

8 Ogo

XAUUSD – Bullish Breakout from Triangle Pattern

Gold has officially broken the upper boundary of the triangle accumulation pattern, confirming the continuation of the uptrend. This bullish momentum is heading directly towards the 3430 area, and if the buying pressure is maintained, the 3445 level is completely within reach.

Today is Friday, the closing day of the weekly candle, so the oscillation amplitude is usually stronger and the price can easily approach new peaks. Observation shows that the buying pressure in the US session has been maintained continuously in recent days - this supports the strategy of BUYing now and holding until the US market opens.

Support zone: 3385 – 3365 – 3333
Resistance zone: 3419 – 3431 – 3445

8 Ogo

Dagangan aktif

Gold price makes a fresh attempt to build on momentum beyond $3,400 mark
Gold price continues with its struggle to find acceptance or build on the momentum beyond the $3,400 mark, and remains below a two-week high through the early European session on Friday. Against the backdrop of the upbeat market mood, a modest US Dollar uptick turns out to be a key factor acting as a headwind for the commodity.