18K Gold per gram (IRR) Records Fourth Consecutive Daily Loss Amidst Broader Bullish Trend

Market Summary

18K Gold per gram (IRR) closed lower on September 14, marking its fourth consecutive session of declines. Despite this recent pullback, the broader market structure for the precious metal remains identified as bullish.

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Market Analysis

On September 14, 18K Gold per gram settled at 232,834,000 IRR, down from its opening price of 234,782,000 IRR. The session saw the price reach an intraday high of 237,093,000 IRR before retreating to a low of 232,224,000 IRR, with the closing price near the daily low. This latest decline extends a series of losses, making it four consecutive down days. Over these recent sessions, the instrument has been forming lower highs and lower lows, indicating a short-term downward trajectory. However, the current price remains approximately 4.45% below its 52-week high and significantly above its 52-week low, suggesting a strong position within its annual range. The 30-day volatility for 18K Gold per gram is recorded at 1.76%.

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Technical Highlights

The overall market trend for 18K Gold per gram is identified as bullish. This is further supported by the price trading above its 20-day, 50-day, and 200-day Simple Moving Averages, which stand at 227,701,750 IRR, 203,518,900 IRR, and 188,051,489 IRR, respectively. Momentum remains positive, with the 14-period Relative Strength Index (RSI) at 63.79, above its neutral 50 level. The Average Directional Index (ADX) at 51.73 indicates a strong trend, with the Plus DI (39.75) notably higher than the Minus DI (20.51), reinforcing the prevailing positive direction. Conversely, the MACD histogram is negative at -596,790, suggesting a recent weakening of bullish momentum. The Parabolic SAR (PSAR) has also flipped to a bearish signal, with the price now below the indicator at 243,487,380 IRR, while the Aroon indicator shows Aroon Down at 100 and Aroon Up at 12.5, collectively pointing to a strong short-term downtrend.

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Conclusion

18K Gold per gram (IRR) experienced a fourth consecutive daily decline on September 14, with short-term indicators like PSAR and Aroon suggesting a recent downtrend. Despite this recent pullback, the broader market structure and key moving averages continue to indicate a bullish trend, with positive momentum still present according to the RSI and a strong trend confirmed by ADX. The available market data alone do not indicate the underlying cause of the observed price movement.

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