【FOREX】Gold(XAU/USD)The next major support is near the 1770 level? Forex Technical Analysis 2022/08/17

Daily Analysis

Today’s forecast of XAU/USD

Daily chart: Uptrend
4-hours chart: Downtrend
1-hours chart: Downtrend


XAU/USD started a downside correction from near 1802 to 1771 but stop to go down near 1770.

As a factor, Gold futures traded in dollars was down from the feeling of being overvalued as the dollar showed a steady movement centered on the euro-dollar.

Gold(XAU/USD)Daily Technical Analysis

Looking at Daily chart,

Gold was down from 1802 to 1772 and Big Bullish CandleStick is shown.

A downside break below the 1770 support might goes down more .

POINTIf The pair won’t go down , It’s bounced off and try to aim to the 1800.

Gold(XAU/USD)4-hour Technical Analysis

Looking at 4-hour chart,

After the Doji Candlestick is shown , The pair is bounced off.

But The descending triangle chart pattern which is made by the lower line and a support level is shown.

From now on, There might be a move towards the 1770 support in the descending triangle.

POINTA downside break below the 1770 support might go down more .

Trade ideas

After it goes down a support line , wait for the price to make a “PULLBACK” to the broken support level, and enter after the price bounces.

Future strategySell the Rip

Don’t care if my trade idea don’t go according to my forecast. Making a prediction and Waiting a chance is important.

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