ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for tools Level up your trading with our powerful tools and real-time insights all in one place.

Gold (XAUUSD) Is in a Downward Correction, Struggles Below $1.830 Resistance

Share On Facebook
share on Linkedin
Print

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold (XAUUSD) is in a downward correction after its rejection at the high of level $1,900. Today, the Gold is rising after falling to the low of $1,782. The upward move will be accelerated if price breaks above the moving averages. Besides, the uptrend is hampered at the resistance at $1,830. Previous price actions have been facing rejection at the $1,830 high. Meanwhile, on September 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extension or level $1,877.12.


XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the market has fallen to its low at $1,783 as bulls buy the dips. Gold price corrected upward to the high of $1,801 but faces rejection. Meanwhile, on September 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.0 Fibonacci extension or level $1,816.87.


XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 50% range of the daily stochastic. It indicates that the market is in bullish momentum. Gold price is rising marginally. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is a downward correction. Gold price is attempting to break above the moving averages. A break above the moving averages will accelerate the upward move. Buyers have two hurdles to jump over. The bulls will have to break above the moving average and clear the resistance at $1,830.

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com