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XAU/USD: greenback demand prevails over gold demand – Analytics & Forecasts – 19 August 2022

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

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