#XAUUSD #intraday_trading Gold intraday outlook (4 hour c | OctaFX Analytics

#XAUUSD #intraday_trading

Gold intraday outlook (4 hour chart)

Technical analysis:
The RSI, which is under 50, indicates a downwards movement, while the MACD suggest a possible correction upwards.
The price is under MA (200), suggesting that the downwards movement may prevail.

Fundamental:
Gold steadied as stock markets found their feet after falling sharply on fears the Delta variant would harm global growth prospects.

What the possible outcomes are :
The crucial level is 1,810 .
If the price fails under the 1,810 level, we may see a decline to the next support level at 1,796.
A decrease in the price under this support level will lead the gold to the following levels of 1,792 and 1,784.
Contrarily, the pair may rebound from 1,810 and rise towards the resistance level of 1,826.
If the pair manages to surpass this resistance level, we should expect a continued surge towards the resistance level of 1,835.