XAUUSD Technical Analysis / Commodity Trading Analysis

XAUUSD Technical Analysis – 9-September-2024

FxNews—Gold is trading in a bull market at approximately $2,500 in today’s trading session. On Friday, the XAU/USD trading pair tested the ascending trendline and the $2,480 resistance.

The 4-hour chart below demonstrates the Gold price, the key Fibonacci retracement levels, and the indicators utilized in today’s technical analysis.

The recent dip in gold prices has shifted the price below the 50- and 100-period simple moving average, meaning the market can potentially turn bearish.

The stochastic oscillator value is 26, not in the oversold territory, indicating that the price can dip further.
The RSI 14 value is 47, moving alongside the median line, signifying a low momentum market.
The awesome oscillator lines are below the signal line, but the last bar changed its color to green. This development in the AO histogram suggests that the bull market is strengthening.

Overall, the technical indicators suggest the trend has the potential to reverse from a bull market to a bear market.

Gold Forecast – 9-September-2024

Regardless of the technical indicators, the XAU/USD is still above the ascending trendline and the September 6 low at $2,480, meaning the main trend should be considered bullish, even though the price is below the 50—and 100-simple moving averages.

From a technical standpoint, the uptrend will likely resume if the bulls (buyers) close and stabilize the market above $2,503. In this scenario, the price will likely test the September 6 high at $2,530. Furthermore, if the buying pressure exceeds $2,530, the next resistance area will be the $2,600 mark.

Please note that the bullish scenario should be invalidated if the Gold price dips below the $2,480 immediate support.

Also read: Crude Oil Technical Analysis – 9-September-2024

Gold Bearish Scenario – 9-September-2024

If the bears (sellers) push the price below $2,480 and stabilize it below the ascending trendline, the consolidation phase begun on September 6 can potentially extend to $2,430 (August 15 Low).

Gold Support and Resistance Levels – 9-September-2024

Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.

Support: $2,480 / $2,430
Resistance: $2,530 / $2,600

Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.