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Saturday, September 18, 2021

The impact of the Taliban on Forex - gold idea

The impact of the Taliban on Forex - gold idea


In this post, we analyze the weekly price performance of the XAU Gold Chart based on current price indicators. It is worth mentioning that you can see this post on my personal site in Persian (this link).

In this analysis, we have tried to identify the most important key levels, supports and resistances, saturated buying and selling areas, and suspended order locations.
1- Note that the movement of gold strongly depends on political developments. So if the Taliban clash with US forces, the price of gold is likely to rise.
2- Corona news should also be considered. If the new type of Covid 19 virus spreads and causes problems, it can fluctuate the gold chart sharply.
3- Another issue is related to bond yields and interest rates, which will be published this week. A change in this rate changes the direction of the gold trend, stabilizes the current downtrend or fluctuates a lot.
4. And the impact of the US unemployment rate and PMI. With the release of this data, the value of the US dollar changes and, as a result, the ratio of the value of gold to the dollar also changes.

What does the analysis say?

Gold is inside a bearish channel and has been down until the last candlestick . Of course, in the last two candlesticks we can see an engulfing pattern that is ascending.
The decline of gold seems to be over, but there is still the possibility of further decline.
If the downtrend is broken and climbing conditions are provided, we expect the price of gold to reach the region (SELL ZONE 1) and even higher. Of course, price correction happens several times in this direction.

In the other case, we will see a small rise in which the price of gold reaches 1775 and falls in that range and then falls back into the range (BUY ZONE 1).

The third case is to reduce the price as much as possible (BUY ZONE 2). The last time gold reached this range was on August 10, 2021, and since then there has been a sharp uptrend.

If history repeats, gold will reach the price range of $ 1670, the last price of which was reached on August 9.

The 4-hour chart shows the incomplete pattern of the morning star .

It's all about the possibility of rising gold prices this week. However, it will definitely make a difference.

from TradingView Ideas
via gqrds

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