GOLD: Predict gold runs during the US session 12 SEPT

In terms of short-term technical analysis, there haven't been any significant changes in the Gold price. It is expected to continue its range-bound trading pattern, with the 21- and 50-Day Moving Averages (DMA) acting as key support and resistance levels at $1,917 and $1,932 respectively. This trend is likely to persist until the release of the US CPI data.

The Relative Strength Index (RSI) for the past 14 days has remained stagnant slightly below the midpoint. This has kept Gold sellers hopeful that they can push prices lower.

However, for a confirmed breakdown of this range and a resumption of downward correction towards $1,900 mark, it would require daily closing below the support level at $1,917 provided by 21 DMA.

Comment:

The August reading of the producer price index came in hotter than expected. It rose 0.7%, more than the 0.4% increase anticipated by economists polled by Dow Jones. However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.

Comment:

🕯 SELL GOLD | 1915 - 1917

🔴 SL: 1920

🟢 TP1: 1910
🟢 TP2: 1905