XAUUSD Outlook (7 September 2022)
Gold finds the downside again.
Following the brief climb to the 1720 price area, Gold has reversed strongly back towards the 1700 level.
With the current and anticipated strength of the DXY, Gold could continue trading lower beyond the 1700 level towards the 1680 key support level.
But as per the DXY analysis, a deep retrace could be expected, which could also lead to the price of Gold bouncing strongly from the 1680 support level back towards the 1720 and 1730 resistance area.
Following the brief climb to the 1720 price area, Gold has reversed strongly back towards the 1700 level.
With the current and anticipated strength of the DXY, Gold could continue trading lower beyond the 1700 level towards the 1680 key support level.
But as per the DXY analysis, a deep retrace could be expected, which could also lead to the price of Gold bouncing strongly from the 1680 support level back towards the 1720 and 1730 resistance area.
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