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XAU / USD, Gold, is trading just above the EMA 200 (1,800) and above the downtrend channel that was broken yesterday, boosted by August US inflation data showing figures below expectations. In the European session, there was a correction to the support level of the 200 EMA. Now we notice a technical bounce above this zone.
Meanwhile, gold remains above the 200 EMA and above the 4-hour bearish channel. This channel gave a consolidation to gold on September 8, inside a range of 1,800 and 1,781. Now the price is located above, which is likely to be followed by a bullish move to the resistance of 2/8 murray located at 1,812.
This 2/8 murray level is a strong resistance, because if you look at the chart on many occasions it has acted as a barrier for gold. So, if now in this upward movement it does not manage to break and consolidate above this level, it will be a good opportunity to sell.
A return below the 200 EMA and below the bearish channel will be a sign of a bearish change of scenery, and gold could fall again until the support of 1,781.
Support for XAU / USD remains falling Treasury yields. The yields of 10-year Treasuries are at 1.27%, having fallen below 1.35%. If yields remain at low levels, gold could gain upward strength and could consolidate above 1,812. On the other hand, if there is an increase in bond yields, gold could drop below 1,795 again that could trigger a correction.
The market sentiment report is showing a figure of 76.94% of traders who are buying XAU / USD. This is a negative sign for gold, because in the short term there could be a correction to the support level of 1,750.
The eagle indicator is showing that the volume and relative strength of the market is moving within a downtrend channel. Now we notice a rebound above the oversold level, but it has a top, which could make it difficult for gold to rise in the short term above 1,812.
Support and Resistance Levels for September 15 - 16, 2021
Resistance (3) 1,843
Resistance (2) 1,826
Resistance (1) 1,812
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Support (1) 1,787
Support (2) 1,781
Support (3) 1,769
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Trading tip for GOLD for September 15 - 16, 2021
Sell below 1,797 (EMA 200), with take profit at 1,781 and 1,750, stop loss above 1,806.
Buy if gold rebounds at 1,803 with take profit at 1,812 (6/8), stop loss below 1,795.
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