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Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat

22 September 2017 08:11 PM BDT
Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat

FxGrow Daily Technical Analysis – 22nd September, 2017 By FxGrow Research & Analysis Team Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat After a hawkish FOMC sentiment, gold was on a selloff mode extended from Wednesday 1316 high, ended on Thursday with 1288.20 low. Today, the precious metal made some upward correction retracement clocking 1298.75 high and currently showing some stamina hanging above 1295 support area as the tension renews after NK threatens by an H bomb in the Pacific. Technically, closing below 20-EMA and 50-EMA level indicates a 100% downtrend with expectations to test 1285 level, in case XAUUSD closed below that level, then the second destination will be the 70's area. On the other hand, daily RSI is below 50 level, at 44 which is another proof that till further notice, bearish trend overwhelms. On the other hand, the U.S Dollar today is showing weakness and the boost by FOMC seems to be short as the DXY plunged to 91.56 low, and has been bearish for the second day with daily RSI still below 50 at 43. Right now, gold is trading 1296, and has sustained this price strongly, rejecting 1295 area as political tension is renewed, and four hours candles closed above 1296 which indicated that gold could retest 1300-4 area, but market still awaits for NY sessions to open and see how market reacts technically and fundamentally are on opposite terms. Closing on daily and H4 time frame will giver a better outlook how gold will perform next week. There is a scenario that taking into consideration that today is Friday and usually NK puts words into action on weekend, such scenario could keep gold levels poised till Monday. For more in depth Research & Analysis please visit FxGrow. Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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