As we famous in our in the present day’s Basic Evaluation, it doesn’t generate funding revenue, however is in energetic demand in conditions of geopolitical and financial uncertainty, in addition to a protecting asset within the face of rising inflation. Nevertheless, plainly it’s shedding its position as a defensive asset to the greenback.
At this time XAU/USD has been declining for the fifth day in a row. On the time of writing this text, it’s buying and selling close to 1753.00, in shut proximity to the robust help at 1748.00. Given the long-term uptrend of XAU/USD, it’s logical to imagine a rebound close to this help degree.
In case of its breakdown, the important thing help degree 1690.00 turns into the goal, the breakdown of which can trigger XAU/USD to enter the zone of a long-term bear market (for extra particulars, see “XAU/USD: technical evaluation and buying and selling suggestions for 08/19/2022“).
Assist ranges: 1748.00, 1700.00, 1690.00, 1682.00, 1670.00
Resistance ranges: 1772.00, 1773.00, 1780.00, 1800.00, 1822.00, 1832.00, 1875.00