Gold Price Analysis September 27
Fundamental Analysis
Gold (XAU/USD) attracted some sellers over the weekend and fell further from its all-time high, around the $2,685-$2,686 region hit on Thursday. The decline was financed by some buying of the US Dollar (USD), which tends to weaken demand for the commodity. In addition, the bullish market mood, fueled by China’s new stimulus measures, turned out to be another factor driving outflows from the safe-haven precious metal.
That said, expectations of a more aggressive easing policy from the Federal Reserve (Fed) kept the USD confined to a familiar range that has been maintained for about two weeks and within striking distance of the YTD low set last week. This, coupled with the risk of further escalation of geopolitical tensions in the Middle East, should limit losses for Gold. Traders may also prefer to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index.
Technical Analysis
Currently, the trading range of gold is very wide. and Gold can make an ATH at any time during this period. The lower border area is focused on ports 2650 and 2640. The upper area of ATH is focused on the round ports 2690 and 2700. If gold holds above the 2662 hook until the middle of the US session, we can still set up buy orders in this area to the upper resistance areas, and if it breaks 2662, wait for retest and sell to 2650-2640
BUY XAUUSD 2651-2649 Stoploss 2646
BUY XAUUSD 2641-2639 Stoploss 2636
SELL XAUUSD 2688-2690 Stoploss 2693
SELL XAUUSD 2699-2701 Stoploss 2704
Gold (XAU/USD) attracted some sellers over the weekend and fell further from its all-time high, around the $2,685-$2,686 region hit on Thursday. The decline was financed by some buying of the US Dollar (USD), which tends to weaken demand for the commodity. In addition, the bullish market mood, fueled by China’s new stimulus measures, turned out to be another factor driving outflows from the safe-haven precious metal.
That said, expectations of a more aggressive easing policy from the Federal Reserve (Fed) kept the USD confined to a familiar range that has been maintained for about two weeks and within striking distance of the YTD low set last week. This, coupled with the risk of further escalation of geopolitical tensions in the Middle East, should limit losses for Gold. Traders may also prefer to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index.
Technical Analysis
Currently, the trading range of gold is very wide. and Gold can make an ATH at any time during this period. The lower border area is focused on ports 2650 and 2640. The upper area of ATH is focused on the round ports 2690 and 2700. If gold holds above the 2662 hook until the middle of the US session, we can still set up buy orders in this area to the upper resistance areas, and if it breaks 2662, wait for retest and sell to 2650-2640
BUY XAUUSD 2651-2649 Stoploss 2646
BUY XAUUSD 2641-2639 Stoploss 2636
SELL XAUUSD 2688-2690 Stoploss 2693
SELL XAUUSD 2699-2701 Stoploss 2704
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