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XAUUSD (GOLD) ANALYSIS 03 AUGUST 2022 WEDNESDAY

XAUUSD (GOLD) ANALYSIS 03 AUGUST 2022 WEDNESDAY

XAUUSD is trading in the range of 1755-1770. Key support area on the downside for today is 1750-1755 while on the upside if it goes above 1771 and stays above that level, then it can give buying opportunity with a target of 1780, then next resistance is 1788. The precious metal saw a correction wave after a two-week long juggernaut rise. In addition, a revival in the bullish market mentality has given the gold bulls further support. An earlier spike in Sino-US tensions over Taiwan soured risk sentiment. Since Russian and Chinese navy vessels have joined forces close to the Taiwanese disputed island, the situation has not yet been resolved. Investors are eyeing on the decision of OPEC+ on oil production which is due today and it can bring volatility in gold prices. Key events to look for today are OPEC+ decision on oil production, U.S. ISM services PMI and U.S. Crude oil inventories data.

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