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September 23, 2021

Is Gold A Buy Here?

Frank Cabibi

9/23/2021

The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session.

Our outlook

Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because the Fed called for slower growth and higher inflation, it seems like a good sign for the metal against the USD. However, gold is falling after this news which is confusing. We could be seeing an uncertain reaction to this news before a rise in price; I think gold could be something to consider buying going into next week after the Fed's announcement in FOMC yesterday.

Trade Setups

XAUUSD

Something to look for is a break under support at the lows of $1743 because that would probably mean that the metal doesn't have enough strength to to come back up. However, if gold can stay above this support level, it might start seeing strength as the USD weakens with inflation. The past several months have not been great for gold, so if price falls under this support, there is clean support around $1700.

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