Daily Analysis XAUUSD - 15 Aug 2023

People’s Bank of China’s (PBoC) rate cut and a slew of downbeat China data suggesting more stimulus from the Dragon Nation also the yields on US bonds that are making new highs push for gold to touch a strong support level at the 1900 area.

US Retail Sales data for July, anticipated to show a 0.4% month-on-month increase compared to the previous 0.2%, will be crucial in gauging the interim direction of the gold price prior to the release of the Federal Reserve's (Fed) latest monetary policy meeting minutes on Wednesday. Most importantly, monitoring bond market movements will be essential for providing a clear guide.

Gold appears to be losing momentum around the current support area of 1900, and the possibility of a correction seems likely, especially since the DXY has reached a significant historical resistance level.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1960	1953	1942	1931	1920	1900