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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) 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) 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.
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