Gold’s 4-hour chart paints a bearish picture, underscored by multiple indicators. The recent cross of the short-term SMA below the long-term SMA signals a potential downturn. The Bollinger Bands’ widening is indicative of increased volatility, further supported by two recent candles touching the band’s lower edge, suggesting selling pressure. The MACD analysis further solidifies this bearish outlook. Its line crossing below the signal line typically hints at a possible downward momentum and the current histogram value of -1.95 points to a strong bearish bias. Traders should exercise caution and consider these signals when making decisions in the short to medium term.
• There is a resistance level at 1948.73; followed by resistance at 1947.43 and 1929.20.
• There is a support level at 1913.10. Below, there are 1907.42 and 1901.15.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
September 22, 2023