...

Gold Technical Analysis – October-9-2023

Share

FxNews – In our Gold technical analysis, we’re looking at the relationship between Gold (XAU) and the US Dollar (USD). This pairing is often referred to as “Gold vs US Dollar”.

Currently, Gold is undergoing a correction phase after bouncing back from a support level. This means that the price of Gold, which had been increasing, has started to decrease. The instrument is moving below the Ichimoku Cloud, a technical analysis tool used to identify trend direction, potential support and resistance levels, and generate buy-sell signals. When the price is below the cloud, it suggests a bearish trend, indicating that it might be a good time to sell.

We anticipate a test of the upper boundary of the Cloud at $$1,860. This means that the price may rise to this level before falling again, potentially down to $1,775. An additional signal confirming this downward trend will be a rebound from the upper boundary of the bearish channel. The bearish channel is a pattern on a chart that shows the price is falling over time.

Gold Technical Analysis - October-9-2023

XAUUSD Market Analysis – 4H Chart

However, this scenario could be cancelled if there’s a breakout of the upper boundary of the Cloud with the price securing above 1885. A breakout occurs when the price moves outside a defined boundary, in this case, the upper boundary of the Cloud. If this happens, it could mean further growth to 1915.

On the other hand, if there’s a breakout of the lower boundary of the corrective channel with the price securing under 1875, it would confirm our prediction of a decline. The corrective channel is a temporary reversal in an overall upward or downward trend.

Gold Technical Analysis - October-9-2023

XAUUSD Market Analysis – 1H Chart

Remember, these are just predictions based on current market trends and technical analysis. It’s always important to do your own research and consider multiple factors when trading.

  • 9 October 2023
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.