GOLD: Pretty neutral! 🔴 The current gold analysis on September 24th, 23 🔴 Chart analysis, weekly outlook and trading setups

ABSTRACT: At the beginning of the week, gold must definitely try not only to push itself above the SMA20, but also to establish itself. If this succeeds, it would still be desirable for things to continue to improve quickly. If the scenario materializes, the start-up targets could be achieved and the precious metal gold could return to the range of 1,936/38 US dollars or 1,958/62 US dollars.

• Current gold analysis on September 24th, 2023: Chart analysis, weekly outlook, trading setups and more – for active day traders

• Latest news about gold trading 🔴 Gold trading ideas 🔴 Gold forecast & outlook

Gold review: (09/18/2023 – 09/22/2023)

gold was trading at $1,929.7 on Monday morning. The precious metal was 2.10 US dollars above the level on Monday morning of the previous week and 7.40 US dollars above the weekly closing on Friday evening. Gold was able to recover somewhat on Monday, but did not rise above $1,938 on Tuesday either. As a result, the prices collapsed again somewhat, and a dynamic upward movement set in on Wednesday afternoon, which reached the 1,947 US dollar range. The entire movement was subsequently sold off again. Stabilization only occurred in the area of ​​1,930/28 US dollars, and further weakness prevailed until Thursday afternoon. At the end of the week, the precious metal was able to gradually recover and return to the $1,925/29 range. The precious metal was lost $1,925.3 from weekly trading.

The weekly high is well above the previous week’s level, but still below the $1,950 mark. The weekly low is also well above the level of the last trading week. There was also a small one in the past trading week Weekly profit expelled. The precious metal has had just as many winning weeks as it has lost weeks this year. The range was slightly larger than the previous week, but was below the annual average.

On the upside, when we crossed the $1,945.8 mark, we expected that gold could approach our next target at $1,947.9. This movement has stopped, the starting goal has not been achieved, The setup didn’t work. The setbacks did not reach our next target on the downside at $1,912.8, falling below $1,914.8.

Gold – What could happen next:

Gold resistors

• 1,925.4
• 1.925.7
• 1,926.4
• 1,927.9
• 1,929.7
• 1,932.5
• 1,934.7
• 1,936.9
• 1,938.6
• 1,947.9
• 1,958.1
• 1,962.7

Gold supports

• 1,922.4
• 1,922.0
• 1,918.7
• 1,915.9
• 1,912.3
• 1,904.5
• 1,900.2
• 1,889.2
• 1,874.2

The most important brands based on our gold setup:

• Intraday mark 1,952 and 1,871
• Daily closing marks 1,977 and 1,797
• Break1 Bull (Where-End) (1,916)
• Break2 Bull (Mon end) (2,041)
• Cyclical movements 2020 – 2033
• Box range 2,223 to 1,087
• Range 2,484 to 746

Gold chart check – viewing in the daily / 4h chart:

DAILY

The daily chart shows that gold has not moved significantly in the last two weeks of trading. On the one hand, the precious metal did not manage to push and establish itself above the SMA50 (currently at 1,929.7 US dollars), but on the other hand, it did not go significantly below the SMA20 (currently at 1,925.7 US dollars). Dollar) / SMA200 (currently at 1,926.4 US dollars). All average lines are currently together.

This means that our overarching assessment has not changed. On the upside, gold absolutely has to manage to push above the SMA50 and establish itself. If this were to succeed, it would still be imperative for further upward momentum to emerge. This should have a pronounced character and bring the precious metal back into the range of 1,936/38 US dollars or 1,958/62 US dollars.

However, if this does not succeed and gold settles below the SMA200 / SMA20 at the end of the day, the daily chart will turn bearish. Further levies would be conceivable and possible, with the prospect of reaching the range of 1,890/87 US dollars and then higher up to 1,870/68 US dollars.

• Classification of higher-level chart image, forecast (Daily chart): neutral/bearish

View in the 4h chart:

The precious metal was initially able to push above the SMA20 (currently at 1,927.9.7 US dollars), but this movement was immediately sold off again. During the setbacks, it went up to and below the SMA200 (currently at $1,918.9). However, gold has managed to stabilize within the orbit of this line and has recovered significantly in the last two trading days. The recovery went above the SMA200 / SMA50 (currently at 1,922.4 US dollars) to the SMA20, which started on Friday but could not be overcome.

At the beginning of the week, gold must definitely try not only to push itself above the SMA20, but also to establish itself. If this succeeds, it would still be desirable for things to continue to improve quickly. If the scenario materializes, the start-up goals that were defined in the daily analysis could be achieved.

However, if the movement does not succeed and it goes back to and below the SMA200, the chart picture would become cloudy, especially if gold establishes itself below this average line.

• Classification of short-term chart image, forecast (4h): neutral

Conclusion: Gold must establish itself above the 50-day line by the end of the day. If this succeeds, it could continue to move upwards towards 1,960/63 US dollars. On the other hand, if gold settles below the 200-day line / 20-day line, further losses could occur, which could go into the $1,880 range.

In the last few weeks the chart picture has been very directionless, quite neutral. THE important source of inspiration is currently missing!

• Probability of a bull scenario based on our setup: 45%
• Probability of a bear scenario based on our setup: 55%

Gold – assessment for the new trading week:

Long setup: Gold could initially try to stay above $1,925.0. If this succeeds, it could continue upwards to our next target levels at 1,925.7, 1,926.4, 1,927.9, 1,929.7, 1,931.1, 1,932.5 and 1,934.7 US Dollars go. Above the $1,934.7 level our next target targets would be 1,936.9, 1,938.6, 1,939.9, 1,941.7, 1,943.5, 1,945.8, 1,947.9 1,949.5, 1,951.0 and 1,953.5 US dollars respectively.

Short setup: If gold cannot stay above the 1,925.0 US dollar mark, the precious metal could initially reach our next target levels at 1,922.2, at 1,920.4, at 1,919.7, at 1,918.7, at 1,916.9, at 1,915.9, at 1,914.1 and then at 1,912.3 US dollars. Below the $1,912.3 mark, our next target targets would be 1,910.5, 1,909.7, 1,906.6, 1,904.1, 1,902.0, 1,899.7, 1,897.1, 1,895 .6, at 1,893.1, at 1,892.0, at 1,890.4 and at 1,889.2 US dollars, respectively.

Overarching expected gold trend in week 39/2023:

Sources: xStation5 from XTB

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