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Gold Could Be A Buy After This Breakout

8/24/2021

Gold gained early in the week as the dollar struggled with the anticipation of the USD news set to come out Thursday and Friday. Gold has been able to hold itself above the $1800 mark for two days so far as the dollar slips 0.81% from the highs.

Our outlook

Gold's performance will likely depend on interest rates remaining low, higher inflation, and a slowing economy. In the long term, I think inflation will probably help gold's price out, but I also don't think the US will struggle with the economy. Also, the Fed goes back and forth on tapering which means that they have no idea when to loosen their bond buying for now. Gold also had a major break above a falling trend line from January of this year which at least points towards a potential run to the upside in the short term.

Trade Setups

XAUUSD

Gold on the 1D chart breaks and closes above a long term falling trend line and stays above the $1800 for the second day. Now price has to test its 200 DMA to see if it can push higher or go into consolidation for a little while.

A look at the 4H chart will help us spot support if price falls under $1800. The $1795 mark is a big level of support for the metal should momentum start to fade after the impressive run.

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