The downward correction from 1,833, that gold began on September 3, extended to 1,782. For three days in a row, including today Thursday, gold is bouncing above the 200 EMA. The precious metal is likely to continue with the upward movement until the strong resistance of 6/8 murray located at 1,812.
During these hours, Gold is being supported by the fall in the yields of Treasury bonds as well as by the technical correction of the Dollar Index, #USDX, though it could be short-lived.
The next resistance is seen at the level of 21 SMA around 1,805, at the 2/8 murray line (1,812). A break and consolidation above 1,812 could push the price to the next resistance of 1,823, so gold might go as high as the 1,933 level which is also strong daily resistance.
On the contrary, a consolidation below the EMA of 200, located at 1,790, could resume the bearish movement of gold and could drag down the price until the support of 1,781, and until the low of August 19 at 1,777.
Support and Resistance Levels for September 09 - 10, 2021
Resistance (3) 1,812
Resistance (2) 1,808
Resistance (1) 1,805
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Support (1) 1,780
Support (2) 1,771
Support (3) 1,760
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Trading tip for GOLD for September 09 - 10, 2021
Sell if there is a pullback at 1,805 and 1,812 (6/8), with take profit at 1,790 and 1,781, stop loss above 1,812.
Buy if the gold rebounds at 1,784 (5/8), with take profit at 1,793 (EMA 200) and 1,805, stop loss below 1,779.