Gold has recovered in the past three trading sessions. However, it’s currently trading near a stiff resistance area and is likely to take a dip. The intraday support levels are at 1646.31 and 1632.25. The near-term resistance areas are at 1669.65 and 1678.93. The XAUUSD long-term forecast is bearish as the US Dollar continues to gain following FED’s hawkish policy on interest rates.
XAUUSD Technical Outlook
The Stochastic indicator is currently overbought, while the Relative Strength Index (RSI) and Bollinger Bands (BB) are neutral. The Average True Range (ATR) Indicator shows low volatility, and the MACD (Moving Average Convergence Divergence) is below the zero line. The current price of Gold keeps below the 20, 50, and 100 period moving averages which further indicates strong resistance.
|
Stochastic |
Bollinger Bands |
ATR |
MACD |
RSI |
|
Over Bought (80) |
Neutral (1,671.62) |
25.11 (Volatility Down) |
Below Zero (-20.79) |
46 (Neutral) |
The moving average indicator shows the overall price direction of an asset.
Related Article: EURGBP Daily Forecast and Short-term Trading Idea
XAUUSD Support and Resistance levels – Short-Term
|
S 1 |
S 2 |
S 3 |
R 1 |
R 2 |
R 3 |
|
1,646.31 |
1,632.25 |
1,622.97 |
1,669.65 |
1,678.93 |
1,692.99 |
FXDatapanel Forex and Gold Trading Signals Platform Provide XAUUSD Forecast along with XAUUSD Trading Ideas. Traders can generate Daily Gold Trading Signals, Long-term Gold Trading Signals, and so on.
Pivot Points
|
1 hour |
4 hours |
Daily |
Weekly |
Monthly |
|
1,672.01 |
1,662.40 |
1,655.59 |
1,657.62 |
1,742.66 |
Spot Gold Trading Ranges
Gold Spot Daily Trading Range: 1,659.24 – 1,674.25
Gold Spot Weekly Trading Range: 1,614.81 – 1,674.25
Gold Spot Monthly Trading Range: 1,614.81 – 1,735.13
Gold Spot Yearly Trading Range: 1,614.81 – 2,070.30
XAUUSD Trading Idea – 30-SEP-2022
Despite the current rise in the Gold price, the resistance areas near the current price and the strengthening US dollar suggest a modest decline in the Gold, which is in line with the FXDatapanel algorithm. Based on the Analysis, Gold (XAUUSD) is ideal for selling entries using the following levels.
Signal Direction: Sell
Signal Timeframe: Daily
Entry: 1677.34
Stop-loss: 1702.45
Take Profit: 1652.23
Related Article: How to Trade Gold (XAUUSD), and is it Worth Trading?
XAUUSD Trading Levels To Watch
The 16670 is a stiff resistance, and only a weekly closing above this level will further support the bulls. Failing to close above this level will favor the bears, and the chances of a decline toward $1640 and $1618 support levels will be high during the next week.
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