Technical Analysis & Forecast September 12, 2023

Gold's Potential for Further Decline and More Insights into EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 Index.

EUR/USD (Euro vs US Dollar)

EUR/USD (Euro vs US Dollar)

EUR/USD has corrected to 1.0767. Today, the market continues to decline to 1.0723. A break below this level could push the price down to 1.0697, followed by a potential rise to 1.0723 (a test from below). A decline to 1.0680 is a local target. Once this level is reached, a wave of growth to 1.0900 might commence.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a correction at 1.2546. Today, a downward wave to 1.2486 is possible. A break below this level could lead to a movement towards 1.2453, followed by an ascent to 1.2486 (a test from below). Subsequently, the price is expected to drop to 1.2425, which is a local target. After reaching this level, a wave of growth to 1.2700 is anticipated.

USD/CHF (US Dollar vs Swiss Franc)

USD/CHF (US Dollar vs Swiss Franc)

USD/CHF continues to consolidate around 0.8917 without a clear trend. Today, the range is expected to expand to 0.8888 (a test from above). After reaching this level, the price might rise to 0.8990. Subsequently, a wave of decline to 0.8800 could follow.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has completed a corrective wave at 0.6448. A decline to 0.6390 is possible today. A break below this level could open the potential for a move to 0.6363, followed by an upward move to 0.6390 (a test from below). Then, the price could fall to 0.6333.

BRENT

BRENT

Brent has finished a growth wave at 91.08, followed by a correction to 90.00. Today, a rise to 92.20 is possible, followed by a correction to 91.10 (a test from above). Subsequently, the price could climb to 93.20, which is a local target.

XAU/USD (Gold vs US Dollar)

XAU/USD (Gold vs US Dollar)

Gold has completed a corrective wave at 1930.18. Today, the market continues to move downward to 1915.35. An upward move to 1922.72 is expected next (a test from below), followed by a drop to 1913.60, with the trend potentially continuing to 1870.00.

S&P 500

S&P 500

The stock index has finished a corrective wave at 4496.7. Today, a consolidation range is expected to form below this level. A break below this range could open the potential for a decline to 4433.0, from where the trend could continue to 4414.4.