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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 213180, member: 80239"] [HEADING=1][JUSTIFY]XAUUSD - Investors continue to reduce their positions in gold[/JUSTIFY][/HEADING] [JUSTIFY]Today the decision of the US Federal Reserve on monetary policy will be published. Most analysts believe that the interest rate will be raised by 75 basis points, which could lead to another rise in the dollar and exceed the summer peak of 110 in the USD Index. The price of gold is tightly tied to the price of the US currency, and even taking into account the stability of the precious metal, the growth of the USD Index by 2-3% can provoke a decrease in asset quotes by 1-2%. The main scenario of analysts today assumes such a variant of price movement. In turn, the demand for contracts for gold has recently declined slightly. According to the latest report from the US Commodity Futures Trading Commission (CFTC), sellers continued to actively reduce their positions last week, while buyers slightly strengthen them. In the positions of swap dealers, which usually react quickly to any changes in the market, buyers increased their number by 0.535 thousand contracts, while sellers reduced them by 4.059 thousand contracts. As for the general trend, the number of positions has been decreasing for the third week in a row, this time to 97.3 thousand from 103.9 thousand. [img]https://i.ibb.co/YjtX1kV/gold.png[/img] On the weekly chart of the asset, the price is holding in a descending channel and after reaching the low of the year at 1650 is still at these levels. Technical indicators hold a sell signal, which remains quite strong: fast EMAs on the Alligator indicator are moving away from the signal line again, and the AO oscillator histogram is forming new downward bars, being in the sell zone. [B]Support levels[/B]: 1650, 1610 | [B]Resistance levels[/B]: 1680, 1730[/JUSTIFY] [/QUOTE]
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