In August, the price of gold had to accept price losses again. The bottom line is that this is the fifth red month candle in a row. This drought corresponds to the longest losing streak since the summer of 2018. In terms of charts, the precious metal is still about cross-support from the 38-month line (currently at USD 1,747) and the old correction trend since summer 2020 (currently at USD 1,703). To defend. After all, only then can the interpretation of an ideal-typical pullback or a trend-confirming flag consolidation be maintained (see chart). From a risk perspective, there is another mark that must be observed: the July low (USD 1,680) with which the price of gold confirmed the annual lows of 2021 with pinpoint accuracy. Since a breach of this bastion would complete a large double top, investors can hardly overestimate its importance. On the downside, there is currently only a very low technical tolerance for an extension of the series of losses described at the beginning. On the other hand, a rise above the two most recent monthly highs of USD 1,808/1,814 would provide a sign of relaxation.
Source: Refinitiv, tradesignal² / 5-year chart attached
5 year chart gold
Source: Refinitiv, tradesignal²
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