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FX.co ★ XAU/USD Technical Analysis and Trading Tips for August 11, 2022

XAU/USD Technical Analysis and Trading Tips for August 11, 2022

XAU/USD Technical Analysis and Trading Tips for August 11, 2022

Gold quotes are again in the zone of the key level of 1800.00. Yesterday, the XAU/USD pair rose sharply after the release of US inflation indicators, jumping to a 6-week high at 1807.00.

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XAU/USD Technical Analysis and Trading Tips for August 11, 2022

Last week, the price broke through the strong resistance level of 1783.00 (50 EMA on the daily chart) and is now trying to gain a foothold in this zone. If the pair continues to rise, the target will be the key resistance level of 1826.00 (200 EMA on the daily and 50 EMA on the weekly charts), the breakdown of which will once again bring XAU/USD into the zone of a long-term bull market.

XAU/USD Technical Analysis and Trading Tips for August 11, 2022

In an alternative scenario and after the breakdown of the important support level of 1771.00 (200 EMA on the 4-hour chart), XAU/USD will head deeper into the descending channel on the daily chart, the lower border of which lies near the 1600.00 mark.

A breakdown of the long-term support level at 1670.00 (50 EMA on the monthly chart) can "push" XAU/USD out of the long-term bull market zone, sending it towards support levels at 1285.00, 1050.00, the breakdown of which will complete this process.

XAU/USD Technical Analysis and Trading Tips for August 11, 2022

The first signal for the implementation of this alternative scenario is a breakdown of the support level of 1783.00.

Support levels: 1783.00, 1777.00, 1771.00, 1747.00, 1700.00, 1690.00, 1682.00, 1670.00

Resistance levels: 1800.00, 1807.00, 1826.00, 1832.00, 1875.00

Trading Tips

Sell Stop 1780.00. Stop-Loss 1803.00. Take-Profit 1777.00, 1771.00, 1747.00, 1700.00, 1690.00, 1682.00, 1670.00

Buy Stop 1803.00. Stop-Loss 1780.00. Take-Profit 1807.00, 1826.00, 1832.00, 1875.00

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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