🌀 *_XAU/USD Gold Market Outlook Aug 19, 2024_* 📍 *_Market Summary_* The gold market is currently experiencing a consolidation phase, with the current market price trading around $2500 per oz. The overall sentiment remains bullish, with the moving averages indicating a potential continuation of the uptrend. 📍 *_Technical Analysis_* ▪️ Daily Chart: The daily chart shows a minor pullback, with the bulls still in control, and the pair holding above the 20 SMA. ▪️ 20 Simple Moving Average (SMA): Provides dynamic support at around $2,420.00, which is still intact. ▪️ Momentum Indicator: Has pulled back slightly but remains above its midline, indicating continued bullish momentum. ▪️ Relative Strength (RSI) Indicator: Has cooled off slightly to around 60, but remains in bullish territory. 📍 *_Support and Resistance Levels_* ▪️ Support Levels: $2,451.00, $2,438.00, $2,420.00, $2477.00 (crucial support) ▪️ Resistance Levels: $2,509.80, $2,520.00, $2,550.00 📍 *_Market Expectations_* The market expects a potential breakout above the previous week's high at $2,509.80, with the bullish 20 SMA continuing to accelerate above the 100 and 200 SMA. 📍 *_Fundamental Analysis_* ▪️ The consolidation in gold prices can be attributed to a stronger US dollar and profit-taking. ▪️ However, the underlying fundamentals, such as central banks' gold reserves and physical demand, remain supportive of gold prices. ▪️ Today, FOMC member Waller is scheduled to speak at 6:45 PM IST, which may impact the market. 📍 *_Important Factors_* ▪️ Keep an eye on the US Federal Reserve's interest rate decision and the impact on the US dollar. ▪️ Monitor physical demand and central bank activity for potential support. 📍 *_Disclaimer_* This message is for educational purposes only and should not be considered as investment advice. Trading involves risks, and past performance is not indica