Gold (XAUUSD)Long
Will Gold Shine Again? Key Levels to Watch!
Updated
Gold is currently trading at 2578, aligning precisely with the 61.8% Fibonacci retracement level. The RSI on the H4 chart stands at 76.36, indicating overbought conditions just before the market closed.
Following the market reopening, gold may experience a short-term pullback towards the 2572/2573 range, with potential further decline to 2561, driven by market forces. However, a bullish reversal is possible leading up to the Fed Interest decision announcement.
The price could break the 2602 resistance level. It is anticipated, though, that gold might retrace to the 2544 and 2522 levels after the US Fed Interest decision on Sept 19. If you are holding sell positions, it’s advisable to have risk management strategies in place up to the 2634 level.
Following the market reopening, gold may experience a short-term pullback towards the 2572/2573 range, with potential further decline to 2561, driven by market forces. However, a bullish reversal is possible leading up to the Fed Interest decision announcement.
The price could break the 2602 resistance level. It is anticipated, though, that gold might retrace to the 2544 and 2522 levels after the US Fed Interest decision on Sept 19. If you are holding sell positions, it’s advisable to have risk management strategies in place up to the 2634 level.
Note
As stated, Gold is running in 2570 level, aligning with the given trendline. Trade closed: target reached
Good morning everyone. If anyone follows my personal analysis on Gold shared on last Sunday, you may check the result now. Like I said, market maintains a grammar and technical analysis helps to grab that.
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