Gold price slowness at the beginning of the week

NOVA hello everyone, Let's comment on gold price next week from August 21 to August 25, 23

World situation:
Potential support and resistance levels for XAU/USD are being closely monitored based on the technical analysis of the daily chart. Despite some efforts by the bulls to recover, they still face significant challenges as indicated by their position deep in negative territory. The Relative Strength Index (RSI) suggests a possible increase in buying pressure with an ascending slope below its midline, while the Moving Average Convergence (MACD) shows neutral red bars. Additionally, XAU/USD remains below key Simple Moving Averages (SMAs), including the 20-day, 100-day, and 200-day SMAs. This implies that overall control still rests with the bears and urges buyers to seek improvements.

Technically:
The identified
support levels for XAU/USD are at $1,870, $1,850, and $1,830 respectively.
On the other hand ,the resistance levels to watch out for are at $1,900, $1,906 (200-day SMA), $1,930.

NOTE:
Note: Nova wishes traders to manage their capital well
- take the number of lots that match your capital
- Takeprofit equal to 4-6% of capital account
- Stoplose equal to 2-3% of capital account
- The winner is the one who sticks with the market the longest