XAUUSD 1H SELL PROJECTION 15.08.24
From a technical perspective, the daily chart for XAU/USD suggests the bearish potential remains limited. The pair found an intraday bottom at around the 23.6% Fibonacci retracement of the June/July rally at $2,438.80, now holding above the level. At the same time, technical indicators have lost their upward strength but remain within positive levels. Only the Relative Strength Index (RSI) turned south but stays far from confirming another leg south. Finally, XAU/USD keeps developing above all its moving averages, with the 20 Simple Moving Average (SMA) now flat at around $2,417.50.
Technical readings in the 4-hour chart, however, show the slide may continue, particularly if XAU/USD slides below the aforementioned Fibonacci support. Technical indicators retreated sharply from near overbought readings and are currently hovering around their midlines, partially losing the bearish momentum but still heading south. At the same time, XAU/USD broke below its 20 SMA, which stands at around $2,455.00. The 100 and 200 SMAs remain below the current level, somehow suggesting a steeper decline is not yet on the cards.
Support levels: 2,438.80 2,4260.90 2,438.80
Resistance levels: 2,458.70 2,471.10 2,483.70
Technical readings in the 4-hour chart, however, show the slide may continue, particularly if XAU/USD slides below the aforementioned Fibonacci support. Technical indicators retreated sharply from near overbought readings and are currently hovering around their midlines, partially losing the bearish momentum but still heading south. At the same time, XAU/USD broke below its 20 SMA, which stands at around $2,455.00. The 100 and 200 SMAs remain below the current level, somehow suggesting a steeper decline is not yet on the cards.
Support levels: 2,438.80 2,4260.90 2,438.80
Resistance levels: 2,458.70 2,471.10 2,483.70
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