📕 Comment on Gold on August 4, 2021:
In yesterday's trading session, precious metal Gold mostly moved sideways in the range 1806-1814 and nothing changed compared to yesterday. The support for this precious metal is still around 1805-1808 and the upper resistance is 1815-1818 and in my opinion, we still have a trade of this pair.
XAUUSD H1
The flat market took place yesterday but is still above the lows the next day. The current price that is testing at the price of 1810.00 which was the support price of the past is seen to have upside potential.
At the current price, in the M15 timeframe, there was a bullish rejection early this morning after the price made a retracement, as well as testing on the trendline and 50-60 pips, increase from the price occurred. Now the price is above 1810.00 where the 1812.00 candles did bullish engulfing at the price a few hours ago.
Judging from this potential, it shows the possibility of the price being able to climb to a higher level if the price manages to create momentum and pass on the horizontal zone.
Otherwise, the price will re-enter the horizontal zone as well as form certain patterns before the downtrend or uptrend signs are created again on the current chart.
At this point, the probability of a price climb requires strength from market activity, and this can be seen when the US market price opens later.
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