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XAU/USD: Technical Analysis and Trading Recommendations _02/08/2021

XAU/USD: Technical Analysis and Trading Recommendations _02/08/2021

Last week, XAU / USD broke through the key long-term support level 1821.00 (ЕМА200 on the daily chart), and today XAU / USD is also traded below this level, trying to develop the downtrend.

XAU/USD: Technical Analysis and Trading Recommendations _02/08/2021

A breakdown of the local support level 1770.00 (November 2020 lows) will confirm the renewed downtrend towards support levels 1600.00 (ЕМА144 on the weekly chart), 1560.00 (Fibonacci level 50% of the correction to the growth wave since November 2015 and 1050.00), 1535.00 (ЕМА200 at weekly chart).

In an alternative scenario, the breakdown of resistance levels 1852.00 (ЕМА200 on the 4-hour chart), 1874.00 (local resistance level) will confirm the recovery of the positive dynamics of XAU / USD and direct it towards local highs and the upper border of the descending channel on the weekly chart (marks 1963.00, 1976.00).

XAU/USD: Technical Analysis and Trading Recommendations _02/08/2021

Their breakdown, in turn, will create preconditions for the return of XAU / USD into the zone of record highs reached in early August 2020 near the level of 2075.00.

XAU/USD: Technical Analysis and Trading Recommendations _02/08/2021

Support levels: 1800.00, 1770.00, 1685.00, 1600.00, 1560.00, 1535.00

Resistance levels: 1821.00, 1831.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00

Trading recommendations

Sell Stop 1804.00. Stop-Loss 1823.00. Take-Profit 1800.00, 1770.00, 1685.00, 1600.00, 1560.00, 1535.00

Buy Stop 1823.00. Stop-Loss 1804.00. Take-Profit 1831.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00

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