Market Analysis of Gold on Monday 20 September 2021

2021-09-20 12:05Source:BtcDana

On Monday Asia session, gold dipped during market opening. The U.S. dollar hit a more than three-week high last Friday. The better US retail sales data released on Thursday supports the Fed’s expectation that it will reduce its asset purchase plan before the end of the year. Inflationary pressures in many European countries have escalated. US stocks have recorded weekly declines for the second consecutive week. This week the market is waiting on the Fed's decision. If the Fed's monetary policy stance is hawkish, the US dollar is expected to strengthen and the price of gold may fall further.


From a technical perspective, the weekly candle closed bullish continuously. The market sentiment showed a risk of the turning the market direction. On Friday, Gold was closed by Doji Star and lacked of direction. The indicators were bearish. On H4 graph, gold failed to rebound and reached the new low point in the early morning. MA diverged, MACD volume weakened. Overall, prioritise Sell within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 1754.

https://asset.onetrader.online/upload/file/1632067200000/1632118130786.jpeg

Resistance:1754-1760-1768

Support:1742-1734-1728


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