Tuesday, September 22, 2015

Gold snaps 3-day winning streak

FXStreet (Córdoba) - Gold prices retreated at the beginning of the week, with spot gold down to $ 1,133.00 a troy ounce by the end of the US session.

Not far from its recent highs, the decline has been so far limited, as increasing risk aversion on fears of a global economic slowdown should keep safe-haven assets on demand. The commodity however, is still Chinese-data dependant, and negative macroeconomic news in the country may continue to trigger gold's demand.

Gold technical view

“Technically, the daily chart shows that the price has retreated further below a bearish 100 SMA, around 1,141.80 now, whilst the Momentum indicator lost its upward strength and turned flat above its 100 level, whilst the RSI indicator turned lower, but stands around 55, not yet enough to confirm a continued decline”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has managed to bounce from a still bullish 20 SMA, whilst the RSI indicator holds around 58. In the same chart, the Momentum indicator is pointing to cross its mid-line towards the downside, yet to confirm a new leg lower, the price needs to break below the daily low, set at 1,129.52”.

Support levels: 1,129.50 1,109.20 1,102.80. Resistance levels: 1,135.60 1,142.50 1,151.20.
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