empty
 
 
15.09.2021 04:49 PM
Trading signal for GOLD for September 15 - 16, 2021: Sell below 1,797 (EMA 200)

This image is no longer relevant

XAU / USD, Gold, is trading just above the EMA 200 (1,800) and above the downtrend channel that was broken yesterday, boosted by August US inflation data showing figures below expectations. In the European session, there was a correction to the support level of the 200 EMA. Now we notice a technical bounce above this zone.

Meanwhile, gold remains above the 200 EMA and above the 4-hour bearish channel. This channel gave a consolidation to gold on September 8, inside a range of 1,800 and 1,781. Now the price is located above, which is likely to be followed by a bullish move to the resistance of 2/8 murray located at 1,812.

This 2/8 murray level is a strong resistance, because if you look at the chart on many occasions it has acted as a barrier for gold. So, if now in this upward movement it does not manage to break and consolidate above this level, it will be a good opportunity to sell.

A return below the 200 EMA and below the bearish channel will be a sign of a bearish change of scenery, and gold could fall again until the support of 1,781.

Support for XAU / USD remains falling Treasury yields. The yields of 10-year Treasuries are at 1.27%, having fallen below 1.35%. If yields remain at low levels, gold could gain upward strength and could consolidate above 1,812. On the other hand, if there is an increase in bond yields, gold could drop below 1,795 again that could trigger a correction.

The market sentiment report is showing a figure of 76.94% of traders who are buying XAU / USD. This is a negative sign for gold, because in the short term there could be a correction to the support level of 1,750.

The eagle indicator is showing that the volume and relative strength of the market is moving within a downtrend channel. Now we notice a rebound above the oversold level, but it has a top, which could make it difficult for gold to rise in the short term above 1,812.

Support and Resistance Levels for September 15 - 16, 2021

Resistance (3) 1,843

Resistance (2) 1,826

Resistance (1) 1,812

----------------------------

Support (1) 1,787

Support (2) 1,781

Support (3) 1,769

***********************************************************

Trading tip for GOLD for September 15 - 16, 2021

Sell below 1,797 (EMA 200), with take profit at 1,781 and 1,750, stop loss above 1,806.

Buy if gold rebounds at 1,803 with take profit at 1,812 (6/8), stop loss below 1,795.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback