XAU/USD: Technical Analysis and Trading Recommendations_09/09/2021

 
 
 
 
 
 
 

At the time of publication of this article, the XAU / USD pair is traded near the key 1800.00 level, through which a strong resistance level (ЕМА200 on the 4-hour chart) also passes.

Staying below the key resistance levels of 1800.00 and 1805.00 (ЕМА200 on the daily chart), which are also a kind of median or balance zone in the range formed between the levels of 1765.00 and 1835.00, XAU / USD is in the mid-term bear market zone.

The XAU / USD pair needs new drivers to move in one direction or another.

In case of a breakdown of the resistance level 1805.00 (ЕМА200 on the daily chart), XAU / USD will go towards the resistance level and the upper border of the range at 1835.00. Its breakdown will provoke further growth, first to the local resistance level of 1916.00, and then, in case of its breakdown, to the local resistance levels of 1963.00, 1976.00, 2000.00.

In the alternative scenario and in case of further strengthening of the dollar, the XAU / USD decline will resume with targets at support levels 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and 1050.00), 1665.00 (ЕМА144 on the weekly chart), 1600.00 ( ЕМА200 on the weekly chart), 1560.00 (Fibonacci level 50%).

A breakdown of the short-term support level 1797.00 (ЕМА200 on the 15-minute chart) may become a signal for the implementation of this scenario.

Support levels: 1797.00, 1765.00, 1685.00, 1665.00, 1600.00, 1560.00

Resistance levels: 1800.00, 1805.00, 1835.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00

Trading recommendations

Sell Stop 1795.00. Stop-Loss 1807.00. Take-Profit 1765.00, 1685.00, 1665.00, 1600.00, 1560.00

Buy Stop 1807.00. Stop-Loss 1795.00. Take-Profit 1835.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00