Gold Technical Analysis Report 13 August, 2021

• Gold reversed from support area
• Likely to rise to resistance level 1790,00

Gold recently reversed up with the daily candlesticks reversal pattern Hammer from the support area located between the powerful support level 1680,00 (which formed the previous Double Bottom from March) and the lower daily Bollinger. The upward reversal from this support area stopped the previous sharp downward impulse wave (C) from the middle of July.

Given the rising demand for gold on safe-haven inflows amid reports of surging delta cases in China – Gold can be expected to rise further toward the next resistance level 1790,00 (former low of the minor correction B from the start of July).

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