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Gold (XAU/USD) is trading within a downtrend channel above the key support of 4/8 of murray located at 1,750 and below the SAM of 21. The scenario is still bearish for gold although the technical indicators are showing signs of a technical rebound in the coming days.
Before the opening of the American session, gold fell to the low of 1,742 of August 11. Now it is rebounding and stabilizing above the psychological level of 1,750 and the level of 4/8 of murray that represents a pivot point.
Since early hours of the US session, USDX, US dollar index, has reached a level of 7/8 (93.35) of murray on the 4-hour chart which is a signal of a reversal. The US dollar could make a correction, and gold might take advantage of it and rise to the SAM of 21 located at 1,770.
As we can see on the chart, gold has reached the line of the bearish channel at 1,742 and started to rebound form this point. We also notice a price range marked with the dotted lines which was sharply broken on September 16 (1,781). Now this support has become a very strong resistance level which also converges with the upper line of the bearish channel that offers additional resistance.
On the other hand, if gold falls to the 1,750 level and makes a technical bounce, it will be a good opportunity to buy with the targets at 1,770. A consolidation above 1,770 will be a good opportunity to buy with the targets at 1,781 and 1,795 (EMA 200).
As long as gold remains below the EMA of 200 (1,793), the scenario will continue to be bearish. If it fails to consolidate above the SMA of 21 (1,770), any attempt to approach this level will be a good opportunity to sell gold with the target at 1,750 (4/8).
A daily close and consolidation below the 4/8 murray will signal a continuation of the main bearish movement, with targeting at the line of 3/8 murray in 1718.
The technical reading of the eagle indicator that measures the strength and volume of the market has reached the level of 5 on September 17. The indicator is generating a bullish signal from this level although it has a barrier which indicates that the bearish force will continue to prevail in the market.
Support and Resistance Levels for September 20 - 21, 2021
Resistance (3) 1,776
Resistance (2) 1,769
Resistance (1) 1,765
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Support (1) 1,756
Support (2) 1,750
Support (3) 1,745
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Trading tip for GOLD for September 20 - 21, 2021
Buy if gold rebounds at 1,750 or buy above 1,757, with take profit at 1,770 and 1,781 (5/8), stop loss below 1,742.
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