$XAU $GOLD Gold price chart analysis 8/13
Review of yesterday’s key points: The big trend remains bullish. Keep a close eye on the 4340 support level, while also noting the risk of a pullback after a high.
But after last night’s CPI was released, the gold price performed better than expected.
After a brief retracement near 4380, it then rallied steadily and hit a new high at 4449.
Today’s chart shows: an hourly MACD divergence signal.
In a strong uptrend, divergence is just a warning that momentum may be slowing—it does not necessarily mean an immediate sharp drop.
The previous day already showed signs of weakening momentum, yet the market still held up against pressure and made another new high.
As the price keeps pushing higher, the support levels during pullbacks are also moving up.
The new key consolidation/support zone has shifted up to 4359.
The overall long structure remains unchanged. The strategy is still to buy on pullbacks and take long positions.
Review of yesterday’s key points: The big trend remains bullish. Keep a close eye on the 4340 support level, while also noting the risk of a pullback after a high.
But after last night’s CPI was released, the gold price performed better than expected.
After a brief retracement near 4380, it then rallied steadily and hit a new high at 4449.
Today’s chart shows: an hourly MACD divergence signal.
In a strong uptrend, divergence is just a warning that momentum may be slowing—it does not necessarily mean an immediate sharp drop.
The previous day already showed signs of weakening momentum, yet the market still held up against pressure and made another new high.
As the price keeps pushing higher, the support levels during pullbacks are also moving up.
The new key consolidation/support zone has shifted up to 4359.
The overall long structure remains unchanged. The strategy is still to buy on pullbacks and take long positions.