Yesterdays, price action shows how gold price plummets bearish after the gold finds resistance at level 1962.98 .The gold price had manage to break level 1908.92 where it had constantly found support.Price dropped approximately 900 pips and currently trades at level 1887.01 .The pair consolidated within level 1962.98 and 1908.92. For weeks the gold price had failed to break past these levels.

Gold H4 chart 23 September 2020
XAUUSD H4 chart 23 September 2020

Looking at the price chart we ask a question. Will the gold price continue its bearish move? Or will buyers sooner or later regain control of the market and push price bullish? Looking at the price action we see that now that price trades at level 1887.01 .Thus leaving level 1864.25 exposed. If price reaches and moves past this level,then that later leaves level 1816.29 exposed. With that said we could see a the gold continue a monthly bearish move.

Gold Daily chart 23 September 2020
XAUUSD Daily chart 23 September 2020

We can expect price to find support at any one of these levels however we wonder whether these levels are strong enough to hold price’s current bearish momentum. We strongly believe that we are still in a bullish trend unless level 1816.29 is finally broken. For more information on entries and exits join our smart signals plans

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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