5 big analyst AI moves: Pullback in this stock is an ’enhanced buying opportunity’
After skyrocketing towards new all-time highs last week, Gold started a correction and then reached stability.
On Monday, August 10th, the troy ounce of Gold is trading at $2,039 with the high being at $2,089.20.
Apart from the technical signal, Gold is being pressured by the “greenback” strengthening due to some pretty good statistics on the employment market in the USA. The currency is not very likely to get long term support from the published numbers but it is currently looking quite good and doing its best to prevent Gold from recovering more actively.
Basically, despite being quite expensive, Gold remains an extremely attractive asset for investors.
As we can see in the H4 chart, XAU/USD is correcting towards 2012.00 and may later form one more ascending structure to reach 2082.00 or even 2118.00. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving to the downside outside the histogram area, thus indicating a decline towards 0.
In the H1 chart, after breaking 2043.00, XAU/USD is expected to continue the correction towards 2012.00. Possibly, today the asset may return to 2043.00 to test it from below and then fall to complete the correction at 2012.00. After that, the instrument may start forming another ascending wave. From the technical point of view, this scenario is confirmed by Stochastic Oscillator: after rebounding from 20, its signal is moving upwards and is currently breaking 50, thus implying a further growth towards 80. Later, it may fall to return to 50.
Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
