Gold is waiting for a new signal 25/9/2023

During the previous technical report at the end of the trading week ending last Friday, we adhered to momentary neutrality until we got rid of the confined side range from the bottom above 1913 and the top below 1930.

On the technical side today, we find gold prices hovering around the 50-day simple moving average and trying to stabilize above, accompanied by stability above the 1913 support level, which supports the possibility of a rise. On the other hand, we notice clear negative features on the Stochastic indicator and trading stability below the 1930 resistance level, which increases the possibility—of resuming the downward trend that began yesterday.

With conflicting technical signals, we prefer to monitor price behavior for the second session in a row to obtain a high-quality deal to be faced with one of the following scenarios:

Confirmation of breaking the main support floor 913 Fibonacci retracement 61.80% extends gold’s losses as we wait for 1904 and 1900, respectively, and the losses may extend to visit 1895.

Crossing upwards and the price consolidating above the pivotal resistance of 1930 is a motivating factor that facilitates the task required to visit 1940 and 1945.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1918.00	R1: 1930.00
S2: 1913.00	R2: 1938.00
S3: 1900.00	R3:  1945.00