XAUUSD: Market Analysis and Strategy for August 12

XAUUSD: Market Analysis and Strategy for August 12 Gold OANDA:XAUUSD ActuaryJ On the previous trading day, gold rose to $4435 in the Asian session before falling back, then dropped to $4356.5 in the European session before rising again, reaching $4404 in the NY session, and closing at $4369. The daily chart shows a pullback after a high, trading near the upper Bollinger Band. The TRIX indicator is bullish, the KDJ indicator has a golden cross, and the accompanying indicators are in overbought territory. The MACD indicator shows increasing upward momentum, indicating that the daily trend currently favors the bulls. On the hourly chart, gold rebounded after retracing to $4362 in the Asian session and is currently trading around $4410. The price action has been consecutively higher, the KDJ indicator has turned from oversold to a low-level golden cross, the accompanying indicators are turning upward, and the MACD indicator shows decreasing downward momentum, suggesting a relatively bullish short-term trend. Given the current bullish dominance on the daily chart, intraday trading is recommended to wait for a pullback to support levels before buying. Support is seen around $4330, near the 4-hour Bollinger Band middle line, while resistance is seen at yesterday's high of $4435. My recommendations: BUY: 4345-4350, SL: 4335, TP: 4380-4400 SELL: 4410-4415, SL: 4425, TP: 4380-4350