Daily Gold Spot Analysis


3 0
XAUUSD 08/26/2020
Monday’s American session. The price has regained to $1926, consolidating in a tight range in Asia keeping the buyers hopeful.
Therefore, the spot awaits a fresh impetus to break through the next barrier at $1936. The bulls have to take on the critical resistance at $1953. A daily closing above the latter will negate the near-term bearish bias in the spot.
Alternatively, a break below the 1926 support could open floors towards the $1914-1912 region, the confluence of August 25 and 21 lows. Sellers will aim for the $1900 mark should the above support yields in.
It’s also worth noting that the spot has formed a Doji candle on the daily chart after falling for the third straight day on Tuesday. This could imply that the bears are losing its grip, although Powell’s could be the key decider for the bullion’s next price direction.
Buy Above 1936
Sell Below 1914


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