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Gold: trade from the borders of the flat

05 September 2022 293
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Last Friday ended with gold rising by 0.6%, thus confirming the day-of-the-week effect and trying to remain in the 1700 – 1800 flat. This trend is likely to continue until the U.S. Federal Open Market Committee meeting on September 21, where an interest rate will be determined.

Nonfarm dropped the same day, as expected, and put some pressure on the dollar, pushing gold higher.

The RSI indicator has left the oversold zone. That confirms the probable reversal of the price movement to the upper border of the flat.

Therefore, in the coming days, gold rising to 1800 is expected. But the future may hold another decrease to 1700.

This content is for informational purposes only and is not intended to be investing advice.

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