Reversal Trend Pattern occurred for XAUUSD

Gold is on edge in spite of heightening US-China exchange strains. The better and brighter US levies on $16 billion worth of Chinese products have produced results a couple of minutes back and could welcome retaliatory activity from Beijing.

A bearish Doji inversion would be affirmed if the metal closes beneath the earlier day’s Doji flame low of $1,192. The bearish inversion, if affirmed, would mean the remedial rally from the ongoing low of $1,160 has finished.

Daily Price Chart

Gold Technical Analysis Chart 23-08-2018

Current Price: $1,191

Daily HIgh: $1,196

Daily Low: $1,190

Trend: Risks bearish close below $1,192

Resistance

R1: $1,196 (session high)

R2: $1,200 (psychological hurdle)

R3: $$1,204.59 (Aug. 3 low)

Support

S1: $1,189 (100-hour MA + 200-hour MA)

S2: $1,187 (support of Aug. 21 low on the hourly chart)

S3: $1,185 (38.2% Fib R of $1,160/$1,201.58)

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