XAU/USD pullback from $1,900 highlights immediate rising wedge

 

  • Gold snaps two-day winning streak following its pullback from $1,899.38.
  • 200-HMA offers immediate support ahead of the bearish pattern’s lower line.
  • Bulls need a clear break beyond September 22 for confirmation.

Gold prices bounce off an intraday low of $ 1892.72 to 1896.70 $ midst Wednesday Asian session. The yellow metal has fallen recently after the US presidential debate questioned the market sentiment. Technically, a corner three-day rise on the hourly chart holds the same hope for sellers as probes 200 HMA immediate drop.

Therefore, the bears are waiting for a break of the $ 1891.80 support line to confirm the bearish graphic game, which can drag down the quote per month nearly 1.850 / $ 49.

In doing so, 24 September high near $ 1 877 can then provide intermediate stop the start up in July near $ 1,818 may attract traders of gold below $ 1,849.

Otherwise, a clear rebound level of $ 1894.60 200 HMA can then attack again $ 1,900 a confluence of 50% Fibonacci retracement of 18-24 September decline and the top line of the corner, close to $ 1 905, may challenge gold buyers subsequently.

Although the yellow metal rises past- $ 1,905, the bulls are less likely to be convinced that the 61.8% Fibonacci and peak of 22 September can probe a further rise around 1.918 / $ 20.

Comments

Post a Comment

Popular posts from this blog

How do you use forex signals?

  Well, it’s a vast explanation. But I will explore it as much as short. Using forex signals is mainly get profit from a trade. It is not an easy task that whenever you make a trade it will bring profit. So, most of the beginner trader use the forex signal at the beginning. Because they are afraid of their capital. They thought it will be loose. But if you do not come closer to water how can you learn swimming? Forex signals provide an accurate sign that that’s the time for trade and the trader grab that opportunity and dive into it. But, in the majority of the people are trading by themselves. Because if we look back into 10 years back that there will be no forex signals but people could trade that time without forex signals. So, if we want to trade without it, you can. But I think if you want to get more profit and haven’t enough experience about trading. You can use forex signals. Because if not, you can lose a big amount of money from your capital.
Read more

Dollar edges lower, gold finds its feet, US consumer confidence eyed

  Here’s what you need to know Friday, September 18: The US dollar retreats off the peaks, allowing other currencies and gold to recover while inventories were stable after several days of declines. US consumer confidence and more retail figures are also aligned a turbulent week draws to a close. The greenback gave ground, paring some of its gains from the Federal Reserve. The Fed signaled no rate hike in 2023, but refrained from offering a new immediate boost despite expressing concern about the prospects. This led to a fall in stock and demand for the dollar, moves now partially unwound. After retail sales in the US in August disappointed, the University of Michigan consumer confidence index for September preliminary outlines on purchases this month. the release of applications for unemployment benefits Thursday was mixed, but still showing a downward trend in applications. See United States Michigan Consumer Sentiment Preview September: A large dose of reality Gold is trading at...
Read more

How do I make money fast on social media as a teen?

  As a teen, making money is a hard choice. Because they do not have enough time for earning money. They are studying all over the year and busy with their studies to get the best results. But it is not fast though. You have to work hard for this and you will get it. So, if you really want to make some money on social media sites, you have to do some things or may follow some steps which I include below: Create and Promote Your Own Information Products If you already have a blog, and you’ve demonstrated your expertise on a specific subject over a period of time, there may be an opportunity to create an ebook, audio program, or video course and sell it to your audience. Social media is the perfect place to promote such a product. As with anything, quality is key to creating something people not only want to read but will pay to read. If you take extra care in creating great information, designing and promoting it well, you will definitely see more sales. Promote Products and Service...
Read more