August 16, 2021

XAUUSD Pivot Points – 16th Aug. 2021

As Gold price rallied up and traded just below $1800 an ounce on Monday, this might be another opportunity for another Gold selloff if the $1800 price proves to be a strong resistance level.

Gold is overall bearish and every pip rise gives sellers a reason t push the yellow metal further down. And yesterday, Gold rose to an important level, the $1800 price point.

Our Gold (XAUUSD) pivot point analysis will act as a guiding tool to help us determine our range of trade in a time of uncertainty for this pair.

Besides, there will be a lot of fundamental drivers coming out this week that will affect the Gold (XAUUSD) price movement in the days ahead, especially the FOMO minutes that will be released in the days to come.

Gold Price Forecast: XAUUSD Pivot Points – 16th Aug. 2021

The following are the pivot point levels for today and include the structural levels of support and resistance we expect the pair to trade within for day trading.

But this will be determined after the news release because, once the news weakens the US dollar, Gold might trade higher crossing the resistance levels of the day.

But when a stronger US dollar emerges, we might see Gold (XAUUSD) trading within the support levels of the day.

Gold Price Forecast: XAUUSD Pivot Points – 16th Aug. 2021

Resistance 3R31813.17
Resistance 2R21801.46
Resistance 1R11794.32
Pivot PointPP1782.61
Support 1S11775.47
Support 2S21763.76
Support 3S31756.62

Gold looks very indecisive in its direction at a time like this, therefore, proper risk management must be applied while trading. Discipline, patience, and proper risk management win all the time.

To your success!

About the author 

Emmanuel Uzoezie

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