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TECHNICAL ANALYSIS ON GOLD 19TH SEPTEMBER 2022

TECHNICAL ANALYSIS ON GOLD 19TH SEPTEMBER 2022

The downturn could resume in the very near future as Friday’s positive attempt in gold prices was supported by declining open interest and volume. The 14-day Relative Strength Index (RSI) is still lurking below the midline, and the negative bias is still very much in force amid an inverted cup and handle configuration. Under the previous day’s low of $1,654, sellers could target the psychological level of $1,650 as immediate support. On the route to the pattern target, which is measured at $1,574, the falling trend line support at $1,629 will be tested. The price is close to the $1673 level of its fib. On the other hand, the recovery must establish a firm foothold above the $1,680 recent highs. The next relevant upside barrier is seen at $1,700.