Will it break 1900 in the European session?

15 août 2023

In the short term and according to the 4-hour chart, the bearish EMAs are leading lower, currently providing inductive resistance around $1920.30.
The longer moving average is still significantly higher than the shorter one, while providing a downward slope, while the technicals just bounce off the intraday lows but remain in the negative territory.

Finally, Wall Street's positive tone from the aforementioned lows, although gains in sales among equities capped the US dollar's downtrend. Finally, I stopped the USD rally, helping XAU/USD bounce

15 août 2023

Note

On August 14, the world's third largest economy, Japan, announced GDP growth in the second quarter of 2023, with an impressive increase of 6% compared to the same period last year, much higher than the expected level. previously reported is 3.7% and forecast is 3.1%.

Along with positive economic information, the USD continued to strengthen. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies increased by 0.25% compared to the previous session, to 103,170 points.

When the dollar is strong, investors withdraw capital from gold to reduce deposit costs as well as find profitable investment channels. Therefore, pushing the gold price down deeply, there is no chance to reverse and increase again.