XAUUSD/GOLD TODAY 22/08/23

GOLD is still within the range of 1888 - 1897. The price, which was continuously pressured by the MA8, has finally reversed and crossed both the MA8 and MA20. Only the resistance at 1897 is holding back Loco's efforts for a temporary reversal. It's likely that GOLD will remain sideways until the Flash Manufacturing PMI tomorrow night. However, given the increasingly erratic MA Pattern, it's better to avoid entering positions today.


Due to the identified weakening trend, let's refrain from trading today.

R3 1940.521
R2 1931.641
R1 1910.629
PV 1896.393
S1 1888.452
S2 1882.693
S3 1870.758