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XAUUSD, Fibonacci Analysis

8/16/2022 2:41 PM

XAU/USD, H4

On the four-hour chart, the price dropped to 1774.00 (correction 23.6%), consolidation below which will give the prospect of further decline to 1757.00 (correction 38.2%), 1743.25 (correction 50.0%) and 1728.60 (correction 61.8%) but for this the trading instrument will have to break through the ascending fan. Otherwise, quotes may return to 1802.00 (correction 0.0%).

Technical indicators show opposite signals: Bollinger bands are directed downwards, Stochastic is upwards, and the MACD histogram is increasing in the negative zone.


XAU/USD, D1

On the daily chart, the price rose above 1778.50 (correction 23.6%) but failed to break the resistance of the downwards line of the 23.6% fan and resumed its decline. If the asset re-consolidates below 1778.50 and the middle line of Bollinger bands (1757.00), they will be able to return to 1694.00 (0.0% correction), otherwise, the price growth may resume to 1829.40 (38.2% correction), 1871.60 (correction of 50.0%) but quotes will have to break through the oncoming downwards fan.

Technical indicators show opposite signals: Bollinger bands are directed upwards, Stochastic is downwards, and the MACD histogram is near the zero line, its volumes are insignificant.


Support and resistance

A continuation of the decline is seen as a more likely scenario of movement but for this the quotes will need to overcome the support zone of 1778.50–1757.00 (correction 23.6% for D1, correction 38.2% for H4, the middle line of Bollinger bands for D1), and if successful, downward dynamics will continue to 1728.60 (correction 61.8% for H4), 1694.00 (correction 0.0% for D1). If 1788.00 (the middle line of Bollinger bands for H4) is broken upwards, growth will be able to resume to 1802.00 (correction 0.0% for H4) and 1829.40 (correction 38.2% for D1).

Resistance levels: 1788.00, 1802.00, 1829.40. | Support levels: 1778.50, 1757.00, 1728.60, 1694.00.



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