• Gold prices still have the potential to fall in this week's trading
The daily analysis of gold on August 23, 2021 this time discusses the weakening of the gold pair against the USD this week due to the projected strengthening of the US dollar. The Fed's discourse to cut stimulus this year has made the US dollar index strengthen significantly by 1.4% since last week, and currently the USD index is at the level of 93.4. At the time of the daily analysis of gold on August 23, 2021 written by the GIC team, gold was at the level of 1,787. The improving American economic data, especially in the fields of employment, unemployment rate, and also inflation which has strengthened steadily. This makes the market optimistic about tapering by the Fed this year and makes the US dollar index continue to strengthen and suppress the pace of gold prices. 

Then, how is the daily analysis of gold?

In general, the movement of gold on the H4 chart is in a bullish condition and if you pay attention the price is in a consolidation phase. If the gold movement moves down and is held around the critical area in the range of 1,768-1,747, then wait for the appearance of a valid bullish candlestick pattern by also paying attention to the ADX indicator is above the 25 level because there is a potential for gold prices to move bullish upwards again towards the 1,816 level. On the other hand, be aware that if the gold price continues to move downward and break through the level of 1,747, there is a potential that the price will reverse direction by moving bearishly downwards towards the next level in the range of 1,717. Thus the analysis of the gold daily on August 23, 2021. Also read other articles in the GIC Journal such as the explanation of the broker's representative. Also participate in events at GIC such as NFP Live Trading and GIC also provides forex learning facilities at Forex Academy.