XAU/USD: gold remains under pressure on 09.09.2015

September 9, 2015

Current trend

Prior to the Fed meeting on 17 September, opinions of economists on when to expect the Fed to hike its interest rates are split. Nevertheless, the pressure on prices of precious metals increased in the last two days amid growing US and Asian stock markets and strengthening Dollar. For example, December gold futures on COMEX fell by 40 cents to $1121 per troy ounce.

Today pay attention to the data form the US and to the interest rate decision in Canada.

Support and resistance

The price broke down the level of 1135.00 (EMA50 on the daily chart) and continues falling along the downward channel.

The pair will tend to fall as long as the price remains below the levels of 1149.50, 1162.00, while the breakdown of the level of 1114.50 would allow the pair to fall to year lows at 1085.00. However, the breakout of the level of 1176.00 (EMA200 on the daily chart) can reverse the trend and let the pair grow to 1185.25 (23.6% Fibonacci).

OsMA and Stochastic on the daily chart give sell signals, on the 4-hour chart they are turning to sales as well.

Support levels: 1114.50, 1103.00.

Resistance levels: 1127.00, 1135.00, 1140.00, 1149.50.

Trading tips

Open short positions from the current levels and from 1127.00 with targets at 1114.50, 1103.00, 1085.00 and stop-loss at 1135.00.

Long positions are not considered at present.

Publication source
LiteForex information  LiteForex reviews

September 23, 2016
Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016
Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...
September 21, 2016
Bank of Japan runs out of road
The Bank of Japan delivered a whole heap of nothing at its policy meeting today, although some adjustments were made to its policy framework. If you take the time to read through these measures, then the impression is of a central bank that has largely lost the monetary plot...

HYCM Rating
Orbex Rating
FOREX.com Rating
Larson&Holz IT Ltd Rating
Fort Financial Services Rating
Grand Capital Rating

Empire Option Rating
TropicalTrade Rating
IQ Option Rating
EZTrader Rating
OptionRally Rating
Beeoptions Rating