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Technical analysis update: XAUUSD (21st September 2021)

업데이트됨

Gold rebounded from its low around 1742 USD retracing back above its support near 1750 USD. We continue to have notion that gold will remain stuck trading between 1750 USD and 1840 USD for indefinite amount of time. However, we expect eventual break out to the upside. We continue to be bullish on gold and our short term price target remains 1850 USD. Investors should be aware that tomorrow there is FED meeting and volatility in gold can emerge as meeting will be unraveling.

Technical analysis
MACD and Stochastic are bearish while RSI strives to reverse. However, RSI needs to be observed in the following days for any failure or success (regarding completion of the reversal). If reversal manages to complete then we expect price to continue march higher. ADX is growing which suggests that trend is building up strength.

Daily timeframe shows interesting setup for "Head and Shoulders" pattern:

Pattern will become valid once neckline is penetrated by price.

Support and resistance
Closest support sits around 1750 USD while closest resistance sits around 1835 USD. Another strong resistance is around 1915 USD. Then major support appears around 1680 USD and major resistance appears around 2075 USD.

Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

액티브 트레이드

Gold responds pretty well to the last night FOMC. It is holding up at the moment which is very positive.

노트

Gold continues its series of breakouts below support that sits around 1750 USD. Hourly timeframe is getting oversold. We expect retracement back towards 1750 USD as in previous false breakouts.