Weekly View 23 Sept - 27 Sept

Gold's decline from the beginning of the month from 34500 (USD 1430.84) continued until Federal Reserve's "not scaling back the stimulus program now" came out later Wednesday that pushed the price to high as 33130 (USD 1374.85) from 31300 (USD 1298.12) low the same day. But that gain was limited by 33150 (USD 1374.85) on Friday, which as well is the 150 SMA at H4 and the price tumbled down to close at 31948 (USD 1325.00), which is 23.6 % retracement level of 43281 (USD 1795.00) to 28476 (USD 1181.00).

For now this 31948 level should provide support it the price doesn't open with a gap down during the weekend. If not, then the next support is at 31325 (USD 1300.00). But the break of 30600 (USD 1269.09) may trigger a test of 28476 again.

On the upside, a break of level 32500 (USD 1350.00) should change the downside view to continuation of correction from 28476 level and break of 33387 (USD 1384.68) should suggest a test of 34500 (USD 1430.84) again.

Trade Happy, Trade Safe :)