Technical Analysis: XAUUSD

XAUUSD plunged by US$60

On Monday, lowered by multiple negative factors, XAUUSD plunged by US$60 during the day. It fell to the US$3340 mark at one point. It ended down 1.61% at US$3342.73 per ounce.

No tariffs will be levied on gold, Trump said

No tariffs will be levied on gold, US President Trump posted on social media on the 11^th August.

Trump’s statement lowered the expectation that gold will be included in global trade dispute, according to Reuters.

The USDX climbed for two consecutive days

On Monday, the USDX rose for the second straight trading day. It ended up 0.23% at 98.46.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD closed in negative territory yesterday. The bearish market trend prevailed in the short term. In terms of technical indicators, RSI went downwards after death cross occurred, showing that XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 3315. It will decline with potential support at 3280 if it breaks below 3315.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 3370. It will fall if it rebounds but is capped at 3370.

Key resistance: 3370,3405

Key support: 3315,3280

Generally speaking, the bearish market trend prevailed in the short term. Investors should focus on US CPI during the day.