Technical analysis update: XAUUSD (27th August 2021)

Gold continues to rise and we remain bullish. Gold took off to the upside from the upper bound of downward moving channel. Current important area is around 1830 USD. If gold manages to break above this price level it will further bolster a bullish case for gold. We will view this as another confirmation of that gold bottomed out on 9th August. RSI is bullish. Stochastic is also bullish. MACD line crossed over 0 to the upside. This is very bullish. Although, ADX contains low value which suggests neutral or very weak trend at the moment. Therefore investors should be cautious. We would like to change our medium price target of 1850 USD to short term price target. Similarly, we would like to change our long term price target of 1875 USD to medium term price target. We expect gold to continue march higher.

Previous thoughts from 25th August 2021:
Here we observed upper bound of downward moving channel for any weakness. We noted that we were bullish.

Prior developements from 10th August 2021:
Here we noted that price of gold was very attractive for entry of the long position. We also noted that price of gold was very oversold.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.