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XAU/USD: Technical Analysis and Trading Recommendations_09/17/2021

XAU/USD: Technical Analysis and Trading Recommendations_09/17/2021

After yesterday's sharp (2.3%) decline today, the XAU / USD pair corrected during the Asian trading session, managing to rise to the mark of 1767.00.

XAU/USD: Technical Analysis and Trading Recommendations_09/17/2021

However, at the beginning of the European trading session, its decline resumed, and at the time of publication of this article, the XAU / USD pair is traded near the 1762.00 mark, in the zone below the important resistance levels 1790.00 (ЕМА200 on the 1-hour chart), 1795.00 (ЕМА200 on the 4-hour chart), 1803.00 (ЕМА200 on the daily chart).

XAU/USD: Technical Analysis and Trading Recommendations_09/17/2021

Staying below the key resistance level 1803.00, XAU / USD is in the mid-term bear market zone.

XAU/USD: Technical Analysis and Trading Recommendations_09/17/2021

In the event of a breakdown of the local support level 1746.00 (yesterday's lows), the XAU / USD decline will continue towards the long-term support levels 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the mark of 1050.00), 1665.00 (ЕМА144 on the weekly chart), 1600.00 (ЕМА200 on the weekly chart). A breakdown of the support level 1560.00 (50% Fibonacci level) will increase the risks of the XAU / USD transition into a long-term downtrend.

In an alternative scenario and after the breakdown of the local resistance level 1767.00, further growth of XAU / USD is possible with intermediate targets at the resistance levels 1790.00, 1795.00, 1803.00.

Support levels: 1746.00, 1700.00, 1685.00, 1665.00, 1600.00, 1560.00

Resistance levels: 1767.00, 1790.00, 1795.00, 1803.00, 1835.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00

Trading recommendations

Sell Stop 1744.00. Stop-Loss 1769.00. Take-Profit 1700.00, 1685.00, 1665.00, 1600.00, 1560.00

Buy Stop 1769.00. Stop-Loss 1744.00. Take-Profit 1790.00, 1795.00, 1803.00, 1835.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00

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