August 12, 2021

Gold Price Forecast XAUUSD Pivot Points – 12th Aug. 2021

Thanks to a weaker inflation record, Gold saw a solid gain yesterday as inflation seems to have peaked.

The US CPI report for the month of July came in weaker than expected and this gave the Gold futures momentum to the upper side as the bull saw a price increase and traded toward the first resistance of our Gold pivot point for yesterday.

We can therefore state that Gold is in a bearish correction as the precious metal jumped above the $1750 mark. The overall trend still looks bearish with a whole lot of fundamental news coming out at the start of the New Yoke trading session today.

While the yellow metal benefited from the US dollar weakness yesterday, Gold (XAU/USD) struggles to extend the strong rebound in three months near $1750 as lack of directives limits the yellow metal’s move.

In today’s Gold (XAU/USD) price forecast, we will take a look at our range of trade for today and see the predictive direction of Gold.

If reports coming out from the US looks negative, Gold (XAUUSD) might continue its upward spike. But if positive, we see going down today.

Gold Price Forecast: XAUUSD Pivot Points – 12th Aug. 2021

The calculation for today’s Gold (XAU/USD) daily pivot will be as follows:

Gold Price Forecast: XAUUSD Pivot Points – 12th Aug. 2021

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

With Gold (XAU/USD) in its bearish correction mood, and starting the day well above its daily pivot point, we look at Gold trading towards its first resistance level at the start of the European session.

But the precious metal’s direction will only be refined after the release of the US news for the day

Hope these Gold – XAUUSD pivot points prove to be useful in your day trading? We wish you a profitable trading experience.

See you tomorrow.

About the author 

Emmanuel Uzoezie

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