Gold Daily Analysis – September 14, 2017

    2 months agoByR Ponmudi

    Gold prices dipped lower on Wednesday for the third consecutive day as the dollar moved higher after strong CPI data and the Congress decision to start working on tax reform package.

    Saxo Bank’s head of commodity research Ole Hansen said: “Geopolitical trouble hasn’t disappeared and the U.S. political landscape is still fraught with difficulties”. Ole added: “When gold drops almost $40, a lot of investors see that as a good level at which to buy back in.”

    Technical outlook

    Gold prices have retraced but were unable to hold above the support line. Failing to close, on the daily chart, below the support line at $1330, it has formed “Rising Wedge Pattern”.

    Gold Daily Chart
    Gold Daily Chart

    Currently, prices trade below the support line, which indicates a bearish momentum. Support holds at $1300,  a break below could lead towards $1318-1300 level. On the other hand, if prices fail to break below, then the next upside rally would be towards $1362-1400. The RSI indicator reduced from 76% to 59%.


    SymbolLast PriceChangeChart

    Live Quotes

    Top Promotions
    Top Brokers

    FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
    FX Empire may receive compensation from the companies featured on the network.

    All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.