Gold (XAUUSD) Decline Extends as Buyers Lose Grip
Login

Gold (XAUUSD) Decline Extends as Buyers Lose Grip

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more


Market Analysis – September 29

Gold (XAUUSD) declines as buyers lose grip. The bearish dance for gold continues. Gold has extended its recent declines amidst wavering buyer control. In a market scenario as unpredictable as this, the advent of additional selling opportunities cannot be ruled out. The effects of this predicament have started showing. The price action broke the 1884.200 mark.

Gold (XAUUSD) Price Levels

Resistance Levels: 2064.800, 1984.950
Support Levels: 1884.200, 1809.000

Gold (XAUUSD) Decline Extends As Buyers Lose Grip

Gold (XAUUSD) Long-Term Trend: Bearish

Taking the analysis of the past few weeks into consideration, gold has been battling within close range. The price has been pinned between the 1943.520 and 1884.200 significant price levels.

A classic drama of buyers losing out is staged just below the 1884.200 key level. Will there be a pullback or merely price accumulation? The suspense hinges on the buyers’ reactions. However, the sellers audaciously display their strength, flexing the opportunity to drive prices even lower in the coming days. Their secret weapon is the hopes of more buyers withdrawing, potentially plummeting the market down to the 1809.000 level.


Moving Average Convergence and Divergence (MACD) has pulled the trigger towards more selling action. The current landscape is tipping the scale towards the yellow metal’s overstay in the lower region.

Gold (XAUUSD) Decline Extends As Buyers Lose Grip

Gold (XAUUSD) Short-Term: Bearish

On the 4-hour chart, there is a slowdown in the sell-off steam. The indicative reason for this lies in the ongoing price consolidation. Traders are keeping an eagle’s eye out for any potential change after the price accumulation phase just below the 1884.200 zone.

 

You can purchase Lucky Block here.  Buy LBLOCK

 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News