GOLD /Bearish Correction with Long-Term Bullish Outlook
Gold Technical Analysis – 16th September 2024
Gold Holds Steady Amid Upcoming Fed Decision
Gold prices remain steady, hovering near record highs, buoyed by a weaker U.S. dollar and increasing speculation of a half-point rate cut by the Federal Reserve.
Gold Reverses from its All-Time High, Poised for a Retest Before the Rate Decision
GOLD Reversed from their ATH and looks to do some retest before the rate decision,
the pivot line is 2570, so GOLD should break 2570 to continue the bearish correction toward 2553 by 4h volume, and then will prepare for the bullish during FED rate.
Otherwise, stability above 2570 for Today's mean will try to touch 2580, and the bullish trend will be activated by closing 4h candle above 2580 to get 2599 and 2617.
Gold Holds Steady Amid Upcoming Fed Decision
Gold prices remain steady, hovering near record highs, buoyed by a weaker U.S. dollar and increasing speculation of a half-point rate cut by the Federal Reserve.
Gold Reverses from its All-Time High, Poised for a Retest Before the Rate Decision
GOLD Reversed from their ATH and looks to do some retest before the rate decision,
the pivot line is 2570, so GOLD should break 2570 to continue the bearish correction toward 2553 by 4h volume, and then will prepare for the bullish during FED rate.
Otherwise, stability above 2570 for Today's mean will try to touch 2580, and the bullish trend will be activated by closing 4h candle above 2580 to get 2599 and 2617.
- Key Levels:
- Pivot Point: 2570
- Resistance: 2587, 2599, 2617
- Support: 2553, 2543, 2528 - Trend Outlook:
- Consolidation: 2580 - 2570
- Bullish: Above 2579
- Bearish: Below 2570
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