Chart of the Day – Gold – (September 5th, 2023)

<div><p><div><h2 itemprop="headline">Descending Wedge Developing</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>The gold market looks like it is developing a descending wedge near term which could spend the next weeks developing below the 1950 level. This would be a compliment to the bullish breakout we are seeing in the US Dollar index near term. Last week the Gold market respected the 61.8% Fibonacci level at 1948, and despite the slight break of the 1950 level, the failure allows for a risk for near term lower prices. A drop back below the 200dma at 1915 may expose a move back towards the 1885 level. However, since this is a descending wedge, ultimately the setup may allow for a bullish bounce to develop below the 1900 level in the weeks ahead.</p>
<p><img decoding="async" fetchpriority="high" class="alignnone size-full wp-image-10723" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00.png" alt="" width="1502" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00.png 1502w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-400×223.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-800×447.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-768×429.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-1500×838.png 1500w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-705×394.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/09/XAUUSD_2023-09-05_14-21-00-450×251.png 450w" sizes="(max-width: 1502px) 100vw, 1502px" /></p>
<p>Blake Morrow</p>
<p>Our <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">&#8220;Chart of the Day&#8221;</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Steve Voulgaridis</p>
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