XAUUSD Is Possibly Bullish

Technical analysis

The Ichimoku indicator gives a possible bullish signal

The RSI is above the line 50, indicating that an uptrend may prevail

The CCI suggests a possible downwards correction.

What the possible outcomes are

On Monday, the safe-haven U.S. dollar retreated from more than nine-month highs against major peers as a bounce in Asian stocks lifted sentiment, despite the continued spread of the Delta coronavirus variant.

In our most likely scenario, XAUUSD may rise towards the first resistance level of 1,792.

If the price passes the initial resistance level, it could test the next higher at 1,797.

Contrarily, the pair may decline towards the first support level of 1,783.

If the pair falls below the first support level, we can expect a continued downtrend towards 1,775.

Key levels

Support 1,775 1,783

Resistance 1,792 1,797

August 23, 2021 at 10:56PM
OctaFX
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