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TECHNICAL ANALYSIS OF GOLD 16TH SEPTEMBER 2022

TECHNICAL ANALYSIS OF GOLD 16TH SEPTEMBER 2022

The US dollar and yields are rising on expectations of a large Fed rate hike. Gold’s path of least resistance appears to be down, with eyes on $1,758 and $1,751. The Technical Confluence Detector shows that the gold price is looking for a sustained move below the previous day’s low of $1,660. Selling pressure will intensify below the latter, calling for a test of the level of $1,658. The confluence of the previous year’s low and the pivot point one-month around $1,678 will be the level to beat for gold buyers. On the flip side, XAU bulls could face a strong hurdle at $1,671 on the road to recovery. The intraday range can be outside the $1671- $1600 zone. The important Fib levels for intraday are $1678 and $1689.