Gold - Usd Dollar Analysis

US Session Analysis for CFD Instruments 07/09/2023

Fundamental analysis

07 September, 2023

Gold spot and future prices early Thursday morning stand lower at 1,919 and 1,943, respectively.

Gold Price struggles to defend the first daily gains in six at the lowest level in more than a week as market players seek additional clues to defend the previous bearish bias about the bullion. In doing so, the XAU/USD traders reassess the latest United States data and Federal Reserve clues amid hopes of witnessing a soft landing in the US despite higher rates. The same joins fears of economic slowdown in other major countries to propel the Greenback and exert downside pressure on the Gold Price.

Elsewhere, grim concerns about China, one of the world’s biggest Gold customers, join the Sino-American tussles and upbeat yields to also increase the hardships for the XAU/USD recovery.

Technical analysis

Time Frame: 1 hour

GOLD Support & Resistance Table - 07/09/2023

Support & Resistance	Level	Explanation
Resistance 2	1929.47	Daily R2
Resistance 1	1925.59	Daily R1
Support 1	1915.25	Daily S1
Support 2	1911.37	Daily S2

GOLD Indicator Table - 07/09/2023

Indicator	Signal
SMA 20	Sell
SMA 50	Sell
SMA 100	Buy
MACD( 12;26;9)	Sell
RSI (14)	Sell
Stochastic ( 9;6;3)	Sell

GOLD Indicator / Period Table - 07/09/2023

Indicator / Period	Day - Sell	Week - Sell	Month - Sell
MACD( 12;26;9)	Sell	Neutral	Buy
RSI (14)	Sell	Sell	Sell
SMA 20	Sell	Sell	Sell

GOLD 07/09/2023 - Reference Price : 1920.42

Sell

Simple Moving Average	Buy (1)	Sell (2)
Technical Indicators - Oscillators	Buy (0)	Sell (3)

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