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Gold is below the SMA of 21. At the time of writing this article, it was trading at 1,763.25 following the announcement of the US Federal Reserve. A downward bias is observed, and above 1,765 there may be a recovery for gold.
Gold could not break through the top of the bearish channel, which is located around 1,785. A little higher is the EMA of 200 at 1,789. Both levels have acted as a solid barrier for gold, you can see in the graph drawn with a circle.
Yesterday, when gold was trading at 1,777, we mentioned the sell signal around the 1,785 level with the target at 1,760. We invite you to review our article and get some details of this strategy here.
The major event of the week highly anticipated by investors resulted in the US dollar strengthening which in turn led to a drop in gold below the 200 EMA. It found support at the moving average of 21. If the gold is trading above the 21 SMA, it is expected to rise to the zone of resistance at 1,781 level of 5/8 murray and the top of the bearish channel.
The president of the US Federal Reserve anticipated that the reduction of bond purchases could soon be justified. In the medium term, gold runs the risk of falling further and reaching the levels of March 23, 2020, that is, the low of 1,603 around the EMA 200 zone on weekly chart.
The gold trend in the short term is bearish. The 4-hour chart clearly shows that gold is under strong downward pressure while trading below the bearish channel and the 200 EMA around 1,795. Any attempt to approach this zone and a failure to consolidate there will be will be a good opportunity to sell.
Only a sharp breakout and consolidation above 1,795 could be the beginning of a bullish scenario, and could help the price rise to the immediate resistance of 1,812 and up to the strong resistance of 1,832.
On the contrary, if you see that gold fails to break the line of the bearish channel and is leaving dojis or wicks, it will be a sign of exhaustion, and it will give us a selling opportunity with targets at 1,750. The downward pressure leads to consolidation below 4/8 murray, so the decline is likely to continue to the 3/8 murray level of 1,718.
The technical reading of the eagle indicator that measures the strength and volume of the market is showing a bullish signal, but it is limited to the main bearish channel which implies that gold will not be able to rise above 1,790 in the short term.
Support and Resistance Levels for September 23 - 24, 2021
Resistance (3) 1781
Resistance (2) 1773
Resistance (1) 1769
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Support (1) 1759
Support (2) 1750
Support (3) 1736
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Trading tip for GOLD for September 23 - 24, 2021
Buy above 1,765 (SMA 21) with take profit at 1,781 (5/8) and 1,785 (bearish channel), stop loss below 1,758.
Sell if there is a pullback at 1,781 (5/8) with take profit at 1,760 and 1,750 (4/8), stop loss above 1,790.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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