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TECHNICAL ANALYSIS ON GOLD 28TH SEPTEMBER 2022

TECHNICAL ANALYSIS ON GOLD 28TH SEPTEMBER 2022

The daily chart reveals that the risk is still tilted to the downside and that gold trades at the lower end of its weekly range. The price of XAUUSD, which is now around $1,618, develops significantly below bearish moving averages. The RSI has slightly recovered and is presently hovering around 30, while the momentum indicator is moving into negative territory. The 4-hour chart reveals that the pair retreated before reaching any moving averages, all of which maintained their downward slopes, so the recovery lost pace in the near term. The RSI has already started to decline again and is currently at 38, although the momentum indicator proceeded inside negative levels at the same time. In the following sessions, a test of the $1,600 region appears likely if gold breaks below the aforementioned low. The $1620 level is broken, gold could see a downfall up to the level of $1600.