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Market News September 17 gold trading strategy: shorts are strong, gold prices are expected to welcome new lows

September 17 gold trading strategy: shorts are strong, gold prices are expected to welcome new lows

Spot gold rebounded slightly from the low on September 17, short-term gold shorts were quite strong, and gold prices may enter a new low after consolidation.

2021-09-17
12075
On Friday (September 17), spot gold rebounded slightly from the low level, and short-term gold short positions held strong control. The price of gold may continue to decline after consolidation. Investors are advised to short rallies.


Daily level: Gold prices ushered in a sharp drop on Thursday, and the strong performance of "terror data" retail sales collapsed the bulls' defense. With the price of gold falling strongly below the support of the 38.2% retracement level, the market outlook for gold prices is expected to consolidate or oscillate at a low level.

From a technical point of view, MACD is dead cross, the green column quickly zoomed in, showing that the downward momentum is rapidly strengthening. It is worth noting that the RSI shows an oversold signal, which may attract some buying for the low price of gold. However, the current market atmosphere is generally pessimistic.

Next Wednesday will usher in the Fed's interest rate decision. Prior to this, the market sentiment is expected to be cautious, and overall it is still beneficial to the bears.

The upper resistance focuses on the 38.2% retracement at 1776.88, and further attention is paid to the 10-day moving average at 1789.76 and the 50% retracement at 1803.54.

Below support is concerned about the June 29 low of 1750.79, and further attention to the 23.6% retracement level of 1743.90 and the August 11 low of 1724.17.

(Spot gold daily chart)

Resistance levels: 1776.88; 1789.76; 1803.54
Support levels: 1750.79; 1743.90; 1724.17

Short-term operation advice: short rallies.

GMT+8 14:11, spot gold was quoted at US$1763.02 per ounce.

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