GOLD Technical Analysis September 29th

Fundamental and News:

Gold prices are struggling due to U.S. yields and have potential to fall further, but a recovery for the metal is coming, says ABN Amro.

“The rally in gold, silver and platinum prices came to a halt on 8 September mainly because U.S. real yields bottomed out, which has provided support to the U.S. dollar,” said Georgette Boele, a senior precious-metals analyst for ABN Amro, in a report Thursday.

“In the coming days and weeks, we expect the U.S. dollar to continue to recover, which will probably weigh on gold, silver and platinum prices….Gold prices could decline towards $1,250 per ounce, which will be close to the 200-day moving average.”

Gold Technical Analysis :

XAUUSD is being priced at 1.287 USD currently. Above the current level, 1289 and 1300 levels are important resistance levels.

Below we have Moving Averages of 100 days period is an important support at 1278 USD. Gold prices stuck between 1300 and 1278 levels.

On H4 chart, Murrey Math Lines 1289 and 1296 are the upside targets of today. Stochastic is at the oversold area and RSI headed north. This two indicator is telling us that an upside movement towards 1289 is possible and if the price break above 1289 1296 USD will be tested.

Below we have strong support at 1278 and break above this level will carry the price 1273 and 1265 Fibonacci Retracement.

We continue to keep our short positions and SHORT from 1.278 targeting 1.273 and 1265. SL 1.281.

Update : 

TP1: 1.273 has been reached with 500 pips.

WE HAVE CREATED A TELEGRAM CHANNEL AND YOU CAN JOIN OUR CHANNEL TO GET THE LATEST UPDATES: https://t.me/FxtersTraders

TO GET MORE BENEFITS

SIGN UP PREMIUM PACKAGES

If you find helpful this article, you may donate. You will be the part of our Billion Dollars Project.Please send an email to info@fxters.com after donating. You will take your place in the project.

DONATE 

 

Follow us to get the latest updates
 
 
Summary
You May Like This

LEAVE A REPLY

Please enter your comment!
Please enter your name here