Gold price trend prediction August 15, 2023
World gold price this morning fell slightly with spot gold down 7.6 USD to 1,906.8 USD/ounce. December gold futures last traded at $1,944 per ounce, down $2.6 from the previous morning.
December gold futures hit a five-month low at the start of the week as pressured by a stronger dollar. Early this morning, the US Dollar Index, which measures the volatility of the greenback, rose above 103 points, taking the attraction of gold to buyers holding other currencies. Gold bulls are also jarring as gold's technicals are falling.
Technically, bears have the overall short-term technical advantage. The price is in a 3-week downtrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price limit downside is for futures consolidation to fall below solid technical support at $1,900 an ounce.
XAUUSD BUY 1906-1908💯
✅ TP1: 1913
✅ TP2: 1916
SL: 1900
December gold futures hit a five-month low at the start of the week as pressured by a stronger dollar. Early this morning, the US Dollar Index, which measures the volatility of the greenback, rose above 103 points, taking the attraction of gold to buyers holding other currencies. Gold bulls are also jarring as gold's technicals are falling.
Technically, bears have the overall short-term technical advantage. The price is in a 3-week downtrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price limit downside is for futures consolidation to fall below solid technical support at $1,900 an ounce.
XAUUSD BUY 1906-1908💯
✅ TP1: 1913
✅ TP2: 1916
SL: 1900
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