Gold short-term analysis – 16 August 2022
The XAUUSD daily chart has fallen from its bullish channel, between the upper blue and red bands, into its neutral area, between the blue bands (green rectangle). On a relative basis, this is a bearish development, as money rotates out of the precious metal.
The gold hourly chart is also presenting adverse developments. Its trend following EMAs and stochastic have crossed down (black ellipses). If the stochastic pushes below 20 and holds there (blue arrow), the underlying momentum will pressure the precious metal further.
The H4 chart below shows an increase in real rates (red arrow), likely contributing to the emerging bearish sentiment (red curve). As such, we continue to monitor these. If they continue to move up, gold will be facing further headwinds.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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