From TradingView · · 1m 10s
Gold faces selling pressure below key technical levels
A technical analysis points to downside risk for gold as it trades below moving averages amid rising dollar and yields.
In brief
A technical analysis points to downside risk for gold as it trades below moving averages amid rising dollar and yields. Gold remains under pressure below $4,297, with support at $4,253 being the key decision level for further downside. Originally reported by TradingView.
Gold trading in narrow range
Gold is moving between $4,260 and $4,318 on September 16. The correction from $4,697 continues as the metal stays well below its 200-day moving average.
Sellers control after rejection
Monday's recovery was rejected at $4,356. Today's lower high near $4,318 shows upside momentum remains weak across multiple timeframes.
“Sellers remain in control after Monday's recovery was rejected at $4,356.”
Key support at $4,253 level
An hourly close below $4,253 that fails to reclaim could push gold toward $4,223 and then $4,200. Recovery above $4,297 would weaken the bearish path.
“While gold remains below $4,284, $4,297, pressure stays tilted toward $4,264, $4,253.”
Dollar and yields pressuring gold
The dollar index strengthened to 99.63 while the 10-year Treasury yield hit 5.0266%, its highest since 2007. These moves are weighing on gold prices.
Fed decision looms Wednesday
Markets price a 93% chance of a quarter-point Fed rate increase. The decision comes at 7:00 PM London time, with volatility expected as traders position ahead.
In short
Gold remains under pressure below $4,297, with support at $4,253 being the key decision level for further downside.
