After falling to more than four-month low of 1678, gold price started to rebound, and managed to break through the resistance at 1750, which is now turning into support.

The price is currently stuck at the resistance at 1790, which confluence with the 50% Fibonacci retracement area from high 1916.62 to low 1678.92.

The RSI indicator is still below 50 level, which means sellers are still dominant. The price is also still below the 50-day moving average, indicating the trend is still bullish.

Short @1790, stop loss 1805, target 1750.

XAU/USD

Aug 17 2021