XAUUSD: Predict gold price in Asian and European session 14 SEPT
In terms of short-term technical analysis, it is expected that the price of Gold will remain within the range defined by the horizontal 21- and 50-Daily Moving Averages (DMA), specifically at $1,916 and $1,932 respectively. This will be the case leading up to the showdown of US CPI.
The 14-day Relative Strength Index (RSI) is gradually increasing but still remains slightly below the midline. It previously surpassed this level last Friday.
Consequently, there seems to be a downward bias for Gold price. However, for those looking to sell Gold, it is necessary to break through the support provided by the 21 DMA at $1,916 on a daily closing basis.
If this level is consistently breached, it would pose a challenge for buyers as they approach the threshold of $1,900; falling below this point would result in an inevitable sell-off towards $1,885.
On another note, immediate resistance can be observed at the 50 DMA level of $1
The 14-day Relative Strength Index (RSI) is gradually increasing but still remains slightly below the midline. It previously surpassed this level last Friday.
Consequently, there seems to be a downward bias for Gold price. However, for those looking to sell Gold, it is necessary to break through the support provided by the 21 DMA at $1,916 on a daily closing basis.
If this level is consistently breached, it would pose a challenge for buyers as they approach the threshold of $1,900; falling below this point would result in an inevitable sell-off towards $1,885.
On another note, immediate resistance can be observed at the 50 DMA level of $1
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
🔴 SL: 1920
🟢 TP1: 1910
🟢 TP2: 1905
