*🌀 XAU/USD Gold Market Overview - August 21, 2024* *📍 Market Summary:*   Gold is currently trading around $2,515 per ounce. The overall trend is still upward, with indicators suggesting that the bullish trend may continue. *📍 Technical Analysis:*  - **Daily Chart:** There's been a slight pullback, but the bulls are still in charge, and gold remains above the 20-day Simple Moving Average (SMA).   - **20 Simple Moving Average (SMA):** Acting as support around $2,420, and it's holding strong.   - **Momentum Indicator:** Although it has dipped slightly, it’s still above the midline, indicating ongoing bullish momentum.   - **Relative Strength Index (RSI):** RSI has cooled down to around 60 but is still in bullish territory. *📍 Support and Resistance Levels:*  - **Support:** $2,451.00, $2,438.00, $2,420.00, with $2,485.74 being crucial support.   - **Resistance:** $2,509.80, $2,520.00, $2,550.00 *📍 Market Expectations:*   There’s potential for a breakout above last week’s high of $2,509.80. The 20 SMA continues to rise above the 100 and 200 SMAs, supporting the bullish outlook. *📍 Fundamental Analysis:*   - The recent consolidation in gold prices is due to a stronger US dollar and profit-taking.   - However, fundamental factors like central banks increasing their gold reserves and physical demand are still supporting gold prices.   - Watch out for the FOMC meeting at 11:30 PM IST today, as any hints on future interest rate policies could impact both the US Dollar and gold prices. *📍 Important Factors to Watch:*   - Pay close attention to the US Federal Reserve’s interest rate decisions and their effect on the US dollar.   - Also, monitor physical gold demand and central bank activity for signs of market support. *📍 Disclaimer:*  This information is for educational purposes only and should not be taken as investment advice. Trading involves risk, and past performance does not guarantee future results