Gold prediction for the new week

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Gold (XAU/USD) is marking an unimpressive start to the week trading around $1,890, after having fallen for the past four weeks in a row. With that said, Gold prices are filling the gap at their lowest levels since March while struggling to gain traction amid the market's cautious mood ahead of this week's top data/events. However, a stronger US Dollar will put downward pressure on XAU/USD even if technical analysis signals a corrective rally.

The US Dollar Index (DXY) has been rising for the past five weeks in a row and is affecting the Gold Price.

٢١ أغسطس ٢٠٢٣

ملاحظة

If there is no strong bounce above $1,905 this week, confidence that a downtrend in gold has been established will increase. In this case, the $1,800 - $1,810 range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.

٢١ أغسطس ٢٠٢٣

ملاحظة

🕯 SELL GOLD | 1900 - 1897

🔴 SL: 1905

🟢 TP1: 1892
🟢 TP2: 1887

٢١ أغسطس ٢٠٢٣

تم فتح الصفقة

Running + 30pips ✔️✔️✔️

٢١ أغسطس ٢٠٢٣

أغلقت الصفقة: تم الوصول للهدف

Close Full Hit TP2 + 110pips 😮

٢٢ أغسطس ٢٠٢٣

ملاحظة

- Traders reduce short positions to the lowest level since June 2022 for the S&P 500 index.

٢٥ أغسطس ٢٠٢٣

ملاحظة

The BRICS will move forward using the trading currency below the dollar.

٢٧ أغسطس ٢٠٢٣

ملاحظة

🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.