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Technical analysis on Gold for August 11, 2021.

Gold price is trading at $1,747. Price recently made a push below $1,700 challenging the 2021 lows and the major Fibonacci support as we mentioned in previous posts.

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Green lines - Fibonacci retracements

Black line - support

Gold price remains above the 2021 lows and the major support by the Fibonacci retracement. Price briefly has broken below the black trend line support but is now again above it. Was this break down a fake one to wash out weak hands?

analytics6113ed3b342dc.jpg

Gold price is making lower lows and lower highs. Respecting the black trend line and pushing above it so fast again is a bullish sign, however trend remains bearish as long as price is below $1,830-35. The triple bottom at $1,680 area confirms the importance of support at the 38% Fibonacci retracement. Bears need to break below this level and stay below $1,840 in order to hope for a move lower towards $1,550-$1600.The material has been provided by InstaForex Company - www.instaforex.com