DAILY TECHNICAL ANALYSIS 17/08/2022

XAUUSD

Gold has been in an uptrend since July 21st, managed to break this trend last Thursday with bearish momentum and retest its trend line last Friday. It is now trading sideways and forming a range.If the price does not break above or below its range, we may see the price fluctuate for a little longer.If the price breaks below this it seems to confirm the trend in the longer time frame and the possible level is 61.8.

S&P 500

An update from the previous analysis, the S&P managed to break above its bearish channel and range, went further up reaching R1 on the previous chart now it is the new S1.

If the price pulls back to S1 and finds support, we may see the price move higher.

WTI

WTI seems to be respecting its long-term trend, we can clearly see this from the multiple touches on the trend line.

Now it manages to break the S1 level but with low momentum.

If this break is valid, we may see the price moving around the 161.8 level on the chart.

If price has failed and finds support at S1, we may see a move up to the trendline again.

Dollar index

DXY continues to move in a megaphone pattern, this pattern shows us uncertainty and indecisive moves.

When this pattern occurs, it is best to stay out until you have a better picture of the overall direction.