Gold outlook on September 6

H4

In the four-hour chart, gold is in a sideways channel. This may be the stage that precedes the decline because this sideways trend occurred after a strong rise in the previous weeks. So, it may go through some corrective declines if it intends to rise again.

There is a good sign of a decline, as there is an Equal Low Level, which represents liquidity for retail traders. The price may fall to this level to make traders lose and then rebound from the order block at the level of 2,464.50.

What supports the idea of buying from this level is the EQL, as we mentioned previously, and the presence of the 200-moving average below this area, which will represent a good support area for the instrument to rebound from.

Points of interest (POI)

Buy from: 2,464.50 (it is not recommended to sell in the hope the price will fall to this level)

TP 1: 2,495 (1:2 RR)

TP 2: 2,532 (can target to break the main high)

Stop loss: 2,451 (below the OB and the MA as well)

Monthly chart

Since gold breaks every high it makes, there is no good area for gold to bounce from in the monthly time frame. The only chance to enter a trade is with the general bullish trend, but there is no chance to enter a buy trade yet either, so waiting is the best solution.

Weekly chart

In the weekly time frame, we may see some bearish movements, especially since two good signals may support the decline. There is a bullish channel that gold has formed, and a price action signal appeared at the top of this channel. The second signal is the divergence in the MACD. This is also a signal that supports the decline.

Daily chart

Almost the same thing happened in the daily time frame, but the picture became a little clearer, as the opportunity will be better in case of breaking the internal upward trend on the daily. A decline may occur after that to complete the rise if we do not see any other indication of gold weakness.

If you look at the MACD indicator, you will notice that there is a weakness in the bullish momentum. The buying activity is decreasing day after day. If gold makes lower lows, it could lose ground.

Economic news

There will be strong news in the economic calendar today: the US nonfarm payrolls. If the price does not reach the POI today even with the NFP, the POI will be valid next weekPentru mai multe detalii, va invitam sa vizitati stirea originala.