XAU/USD Daily Signals – September 13, 2017

Gold pushed back by strong resistance

Gold had a good rise for the past several weeks and the price seems to have come to a halt now. The price hit a long term upper descending line that holds strong since 2013. Traders did watch this level and when price reached this resistance it triggered several pending sells, while at the same time the USD started to gain. The move was so well timed that the decline is supported by both technical and fundamental views. The immediate support is at 1296 and then the price may range between the upper trend line and the already established support. Range play has always been a choice of trade for several small and medium traders and it becomes even more promising when Gold enters a range motion.

Technical indicators are increasingly bearish while few leading indicators have entered the over sold territory. We may see a minor pull back in Gold which will only be a stop to recruit more sellers. Let’s watch out for this stop to swim through the wave.


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