$XAUT MIDDAY REVIEW | AUGUST 17

Gold has posted a strong session so far today. Price opened with early selling pressure, dipping to a low of 4,367.13 in the morning, before bulls stepped in with clear strength and drove the metal higher. The rally pushed gold to an intraday high of 4,416.50, marking another fresh high for the bulls.

After the sharp surge, price has now moved into a short term consolidation and recovery phase. The aggressive upside momentum has cooled slightly, which is healthy after such a fast move.

Looking at the 5 minute chart, Bollinger Bands have shifted from a wide expansion in the morning to a narrower and flatter range. Price continues to hold comfortably above the middle band, while the short-term moving averages have turned upward and are now acting as effective support. RSI has also cooled from the overbought zone back toward more neutral levels, reducing the risk of an immediate sharp reversal.

Trading plan remains constructive:
Looking to establish long positions on pullbacks into the 4,370 – 4,390 demand zone.

Upside targets sit at 4,420 and 4,445.

As long as gold continues to hold above the recent support area, the short-term structure favors further upside. Patience on the pullback remains key.