Gold (XAU / USD) Price, chart and analysis
- The US dollar rises above modest trading conditions.
- Fibonacci resistance continues gold by the bay.
The US dollar will push up slightly in the thinning trade with the US holidays on Monday and has recovered throughout the Friday periodNFP sell off. Greenback remains on a significant downward trend, with several lower and lower levels on the agenda. From a technical point of view, DXY must remain above last Friday’s lowest print value (91.94) and close above last Friday’s highest level (92.26) in order to start breaking the downward trend in the coming days. The chart shows that the US dollar is still oversold (CCI), although this is not at the extremes observed at the end of last week.
There are few opportunities to move the US market this week, making the US dollar basket (DXY) vulnerable to other major currency movements. Keep up to date with all the market data releases and events using DailyFX calendar
US Dollar Shopping Cart (DXY) Daily Price Chart September 6, 2021
The recent sales in US dollars have allowed gold to move back towards resistance, relying on a 38.2% Fibonacci level for $ 1,837. This level has helped in three interruption attempts in the last few weeks, but recent pricing on the daily schedule suggests that any further attempts may eventually prove successful, despite a market buyout. Last week’s break above all three moving averages is a positive sign for the precious metal, while the short-term series of highs and lows remains intact.
Gold (XAU / USD) Daily Price Chart September 6, 2021
Details of retailers show 75.00% of traders have network lengths, the ratio of long to short traders is 3.00 to 1.The number of traders in net length is 1.96% higher than yesterday and 13.26% higher than last week, while the number of traders net-short is 3.39% higher than yesterday and 19.17% lower than last week.
We usually take the opposite view of crowd sentiment and the fact that the net length of traders indicates that gold prices may continue to fall.Positioning is less network length than yesterday, but more network long than last week. The combination of the current mood and recent changes gives us a further mixed with gold trading prejudices.
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