XAUUSD 1H SELL PROJECTION 18.09.24
old buyers regain control, as the 14-day Relative Strength Index (RSI) remains comfortably above the 50 level, having eased off from near the overbought territory.
The optimism prevails so long as they defend the one-and-a-half-month-old symmetrical triangle target now support at $2,560.
That said, the immediate resistance is seen at the record high of $2,590, above which the $2,600 level will be tested.
Acceptance above that level will call for a test of the $2,650 psychological barrier.
If the Fed disappoints the doves, Gold price could witness a fresh sell-off, which could challenge the August 20 high of $2,532.
Additional declines will threaten the 21-day Simple Moving Average (SMA) at $2,522, below which the $2,500 mark will be on sellers’ radars.
The optimism prevails so long as they defend the one-and-a-half-month-old symmetrical triangle target now support at $2,560.
That said, the immediate resistance is seen at the record high of $2,590, above which the $2,600 level will be tested.
Acceptance above that level will call for a test of the $2,650 psychological barrier.
If the Fed disappoints the doves, Gold price could witness a fresh sell-off, which could challenge the August 20 high of $2,532.
Additional declines will threaten the 21-day Simple Moving Average (SMA) at $2,522, below which the $2,500 mark will be on sellers’ radars.
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