Gold - Usd Dollar Analysis

EU Session Analysis for CFD Instruments 07/09/2023

Fundamental analysis

07 September, 2023

Gold spot and future prices early Thursday morning stand lower at 1,918 and 1,941, respectively.

Gold price has found fresh buyers once again near $1,915, making a minor recovery attempt early Thursday. The United States Dollar (USD) is in a bullish consolidation phase near six-month highs, as US Treasury bond yields take a breather ahead of US economic data and Fedspeak.

Risk-off flows extend into Asian trading on Thursday. China’s economic worries, resurfacing inflation concerns on higher oil prices, and increased bets for further US Federal Reserve (Fed) policy tightening continue to weigh on the market’s sentiment. The tepid mood keeps the buoyant tone intact around the safe-haven US Dollar, as it hangs near six-month highs against its major peers, allowing Gold price to stage a minor comeback.

Technical analysis

Time Frame: 1 hour

GOLD Support & Resistance Table - 07/09/2023

Support & Resistance	Level	Explanation
Resistance 2	1927.47	Daily R2
Resistance 1	1923.59	Daily R1
Support 1	1913.25	Daily S1
Support 2	1909.37	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	Neutral	Sell

GOLD 07/09/2023 - Reference Price : 1918.42

Sell

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

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