Technical analysis on Gold for September 29th, 2023.
September 29, 2023 1:27 pm
Blue lines – Fibonacci retracement levels
Red lines- bearish channel
Gold price is trading around $1,868. Short-term trend remains bearish. As expected when price got rejected at $1,935, price started breaking all near term support levels and eventually made new lows relative to the August bottom. As expected by our past analysis, Gold price has already made a low around $1,857. In a previous analysis we mentioned that we expect Gold price to bottom around $1,850-60. With the RSI at oversold levels, the chances for a bounce higher have increased. Technically trend remains bearish, but bears should also protect their gains. Price is also approaching the 50% Fibonacci retracement level which is found at $1,846 and provides our next target and short-term support level.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines – Fibonacci retracement levels
Red lines- bearish channel
Gold price is trading around $1,868. Short-term trend remains bearish. As expected when price got rejected at $1,935, price started breaking all near term support levels and eventually made new lows relative to the August bottom. As expected by our past analysis, Gold price has already made a low around $1,857. In a previous analysis we mentioned that we expect Gold price to bottom around $1,850-60. With the RSI at oversold levels, the chances for a bounce higher have increased. Technically trend remains bearish, but bears should also protect their gains. Price is also approaching the 50% Fibonacci retracement level which is found at $1,846 and provides our next target and short-term support level.
The material has been provided by InstaForex Company – www.instaforex.com
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