GOLD → Friday is trading inside a range

22 Sep 2023

XAUUSD is recovering after strong sell-offs and a false break of the 1915 sideways range support. Within the flat we expected this movement, but in the medium term gold has a negative fundamental background

On Friday, gold will continue to stay inside this range, consolidation will continue. The price may test one of the nearest resistances before falling to 1922 and 1915. At the same time, DXY is overcoming the strong resistance at 105.00, which I wrote about earlier. A dollar fixing above this boundary will open the way to 107.5, which will be a good reason for gold to weaken to 1915 and even 1900. On the senior timeframe, where we can determine the medium and long term, the chart shows us targets such as 1850 and 1800, but by then there will be a lot of fundamental news that can change a lot of things. From a local analysis point of view, I expect a fall to 1922, 1915 and even 1900, but not in one day.

Resistance levels: 1928.5, 1930.7, 1935.
Support levels: 1922, 1915
I expect that today the market will sell out again what it bought in the second half of Thursday and the first half of Friday. And, we will see the price close near the 1915 support, which will give a signal for next week

XAUUSD XAGUSD GC1! MGC1! DXY SI1!

Regards R. linda!