Gold (XAUUSD) Finds Support Above $1,745 as Bears Threaten to Short

24 September 2021 | Updated: 24 September 2021

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Since September 15, the bears broke below the moving averages as Gold continued its downward move. Today, Gold has fallen to the low of $1,737.84. Nevertheless, on September 22, buyers pushed Gold to the high of $1,780 but were repelled. The market will further decline because of the retracement in a bearish trend. Meanwhile, on September 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.618 Fibonacci extension or level $1,707.34.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold (XAUUSD) has fallen to level 36 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. Gold is also approaching the oversold region. The 21-day and the 50-day SMAs are sloping downward indicating the trend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, Gold is in a downward move. However, the bears are having penetration difficulty at the low of $1,745.35. The bears have retested level $1,745 several times to break it. If the current low is breached, the market will decline to level $1,700. Precisely, at level 1.618 Fibonacci extension or level $1,707.34.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold price is below the 20% range of the daily stochastic. That is, the market has reached the oversold region. Buyers are expected to emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
The gold price has fallen to the previous low at $1,745.34. Since September 16, the bears have not been able to break below it. According to the Fibonacci tool, the market will decline to level 1.618 Fibonacci extension or level $1,707.34.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.