#XAUUSD @ 1672.39 Gold Price Forecast: could keep its range trade intact
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Gold price is trading on a slippery slope. In the view of FXStreet’s Dwhani Mehta, XAU/USD looks to extend range play above $1,650.
“Gold has continued to find strong buyers around the $1,655 region so far this week but sellers continue to lurk above $1,680, leaving the bullion directionless in a defined range. The range play is likely to extend on the final trading day of the week, as bears await a fresh catalyst for the next leg lower.”
“Sellers need to find a strong foothold below the 2022 low of $1,654 to challenge the $1,650 psychological level. A fresh downtrend will kick in on a sustained breach of the latter, with a test of the $1,600 mark inevitable going forward.”
“Conversely, the immediate upside is guarded by the falling trendline resistance at $1,679. Any recovery attempts will need acceptance above the recent range highs near $1,685. The next line of defense for sellers is placed at around $1,700. At that level, the bearish 21-Daily Moving Average (DMA) collides. Further up, bulls will then aim for the September 14 high of $1,707.”
[/s2If]
Join Our Telegram Group
