🥇 GOLD slumps below $1,900

4:02 PM September 27, 2023

Gold deepens drop and clears support at $1,900

Gold as well as other precious metals are having another bad day. While the scale of declines is not as big as it was for example yesterday, declines can be spotted on gold, silver and platinum markets today. Reasons for the drop are the same as during the first two trading days of the week - USD strengthening! The US dollar can be found among the best performing G10 currencies for another day in a row. Interestingly, USD strengthening comes even in spite of a slight pullback in yields. US 10-year Treasury yield is dropping around 2 basis points today, to 4.52%. 

Taking a look at the GOLD chart at the D1 interval, we can see that the price of this precious metal slumped below an important price zone today. Apart from being a psychological support, the $1,900 area is also marked with previous price reactions as well as the 38.2% retracement of the upward move launched in late-September 2022. A recent local low at $1,885 mark is being tested at press time. A drop below this hurdle would pave the way for a test of the medium-term swing level at $1,870 and potential test of the lower limit of the bearish channel, which can be found at around $1,835 per ounce.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Xtb logo

Join over 847 000 XTB Group Clients from around the world.