XAU/USD has lost its weekly gains and is currently trading below all of its moving averages. Technical indicators show downward momentum, indicating persistent selling pressure. The pair peaked near the 61.8% Fibonacci retracement level and has since retreated sharply. The immediate resistance level is now at $1,921.80. On the 4-hour chart, XAU/USD is facing selling pressure near the immediate Fibonacci resistance, in line with the dominant bearish trend. Technical indicators suggest a bearish outlook.
Comment:
The fact that gold maintains a solid support level above 1,900 USD/ounce amid surrounding difficulties is a good sign that the market is ready for a new uptrend when the trend reverses.
Comment:
Investors have a basis to expect the price of gold to increase, because gold is reacting in a positive direction when the US Federal Reserve (Fed) did not raise interest rates on September 20 due to economic risks. The US economy may decline.
Comment:
🕯 BUY GOLD | 1912 - 1914
🔴 SL: 1908
🟢 TP1: 1920
🟢 TP2: 1925
🔴 SL: 1908
🟢 TP1: 1920
🟢 TP2: 1925
Trade active:
Close 1/2 + 35pips ✔️✔️✔️ Move SL to Entry 😮
