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Gold XAU/USD Analysis Wednesday 21 August 24

https://www.tradingview.com/x/gWP2tJsK/

Hello,

We have had a smallish correction so far in the last 24 hours in the Gold-price. The USDX shows some temporary strength the past 8 hour or during the Oceania (New Zealand & Australia) and the Asian session during Wednesday.

The Silver price has faired better during these Oceania & Asian sessions.

2500 level is very key psychological & key support. It seems to be holding well as I write this article. I want to see support at 2507 & we are currently almost there.

2507 and support there would be on the 50 EMA in the 1 hour timeframe. I find the 50 EMA on the 1 hour to be a good yardstick of where the Gold price may go next.

See charts above.

* Don't rely solely on my investment advice, conduct your own research & form multiple sources.

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The light-blue-line is my 20 EMA and the dark-blue-line is the 50 EMA, purple-line is always my 200 EMA.

I want to see the Gold price get support again above the 50 EMA (dark blue) on the 1 HR which is left of screen.

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The Important Economic News Today: (* Courtesy of investment.com)

New York (Eastern time)

10:00 USD Payrolls Benchmark, n.s.a. -187.00K (previous fig. only)
10:30 USD Crude Oil Inventories 2.000M (forecast) 1.35(previous)
13:00 USD 20-Year Bond Auction 4.466 (previous fig. only)
14:00 USD FOMC Meeting Minutes

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I said recently (above) that I wanted to see the Gold price get sustained support above the key 2500 level, we got support in Oceania / Asian trading at the 2504 level very recently.

I also mentioned above that I wanted to see the Gold price get support on the 1HR chart at the 50 EMA and ideally above it.

You can see on both chart a 2m & 60m that we are getting this accumulation of support at the 2507 level which represents the 50 EMA (dark blue line) on the 60m /1HR chart. Take a look. This represents a good buy long in gold at the moment.

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We see support at the 2507 level on the 2m & 60m charts above.

Now on the 2m & 5m chart note that on the 2m chart a supportive cross-up of the 20 EMA (light-blue) above the 50 EMA (dark-blue). This convergence holds price up & price has then pushed through the 2509.20 levels on both charts 2m & 5m which is the red-consolidation box.

註釋

Consolidation Spotter Multi Time Frame

My correction, it is the green box.

Consolidation Spotter Multi Time-Frame is the free indicator on tradingview if you want to use it, like I do. It is a fantastic breakout indicator & it is clean, it only gives you the current zone so you don't have boxes everywhere.