XAUUSD: Gold in the Asia-Europe session 02 OCT
Gold price experienced another rejection at the critical support-turned-resistance level of $1,926, where the 21- and 200-Daily Moving Averages (DMA) intersect. As a result, Gold price resumed its downward movement on Monday.
Currently, the Gold price is testing the multi-day low around the $1,910 mark. If it breaks below this level and sustains it, there will be further pressure on the $1,900 threshold.
The 14-day Relative Strength Index (RSI) indicator is also indicating a bearish trend as it remains below the 50 level. This suggests that there is more downside potential for Gold price.
In case the support at $1,900 gives way to selling pressure, we can expect a fresh sell-off towards August 21's low of $1,885.
On the upside, for any significant upward movement to occur in Gold price it needs to break above and sustain beyond the confluence of 21 and 200 DMA at $1,926. Only then can we anticipate a challenge towards breaking through another barrier -the 50 DMA at $1.,928
If this milestone is achieved successfully by breaking above mentioned resistance levels then we may witness gold buyers targeting their next goal which would be capturing downward-sloping position corresponding to its100 DMA located around$1940
Currently, the Gold price is testing the multi-day low around the $1,910 mark. If it breaks below this level and sustains it, there will be further pressure on the $1,900 threshold.
The 14-day Relative Strength Index (RSI) indicator is also indicating a bearish trend as it remains below the 50 level. This suggests that there is more downside potential for Gold price.
In case the support at $1,900 gives way to selling pressure, we can expect a fresh sell-off towards August 21's low of $1,885.
On the upside, for any significant upward movement to occur in Gold price it needs to break above and sustain beyond the confluence of 21 and 200 DMA at $1,926. Only then can we anticipate a challenge towards breaking through another barrier -the 50 DMA at $1.,928
If this milestone is achieved successfully by breaking above mentioned resistance levels then we may witness gold buyers targeting their next goal which would be capturing downward-sloping position corresponding to its100 DMA located around$1940
Comment:
It is forecasted that gold price needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.
Comment:
🕯 BUY GOLD | 1818 - 1816
🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
