Gold price analysis September 8
Fundamental Analysis
Gold prices eased from a three-day high near $2,430 but held above the key support level of $2,400. The near-term outlook for the precious metal remains solid amid speculation that the Federal Reserve (Fed) will begin cutting interest rates in September.
However, investors remain divided on whether the Fed will demonstrate its aggressiveness in its policy normalization by announcing a 50 basis point (bp) rate cut or a 25 bps cut.
Technical Analysis
Gold prices are in a strong bullish range with a narrow range around 2,418 and 2,434. Prices are trading strongly above the EMA and are poised to make further gains. The resistance levels of 2,454 and 2,404 act as key support and resistance, keeping gold prices steady over the weekend.
Resistance: 2432 - 2448 - 2454
Support: 2412 - 2407 - 2396 - 2388
Price ranges to note:
SELL scalp price range 2441 - 2443 stoploss 2447
SELL price range 2453 - 2455 stoploss 2459
BUY price range 2407 - 2405 stoploss 2400
BUY price range 2397 - 2395 stoploss 2391
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.