Gold Analysis September 19
Fundamental Analysis
Gold prices regained positive momentum after yesterday’s pullback from an all-time high and continued their steady intraday gains heading into Thursday’s European session. The US dollar (USD) saw an intraday reversal from a one-week high and now appears to have stalled its recovery from its lowest since July 2023 hit the previous day. This, coupled with concerns over a recession in the United States (US) and China, along with the risk of further escalation in tensions in the Middle East, prompted some safe-haven flows into the precious metal.
With Thursday’s positive move, Gold now appears to have snapped a two-day losing streak, although the possibility of more aggressive easing by the Federal Reserve (Fed) could limit any further gains. In fact, the US central bank decided to start its policy easing cycle by cutting borrowing costs by 50 basis points on Wednesday. However, the Fed has lowered market expectations for excessive rate cuts in the future. This still supports a modest increase in US Treasury yields, which could limit the USD's losses and limit the gains of the non-yielding yellow metal.
Technical analysis
Gold has recovered very strongly from the Fibonacci retracement level of 2547-2545. At the moment, we need to understand what it wants each session and how it pushes the price. So Gold can absolutely continue to push higher in 3 sessions when Asia and Europe have not had any significant declines. The important price zone is 2588. If this zone breaks when the US enters, do not sell and wait for 2600 SELL to react. It is easy to have a false break, so the beautiful BUY point in the area I determined yesterday at 254x will be held until 263x. Today is a difficult day to trade. If the US session at 19:30 cannot break the 2588 area, it is possible to SELL to the destination area at 2565 - 2545
SELL attention zone 2588-2600-2612-2618
BUY attention zone 2565-2545
Gold prices regained positive momentum after yesterday’s pullback from an all-time high and continued their steady intraday gains heading into Thursday’s European session. The US dollar (USD) saw an intraday reversal from a one-week high and now appears to have stalled its recovery from its lowest since July 2023 hit the previous day. This, coupled with concerns over a recession in the United States (US) and China, along with the risk of further escalation in tensions in the Middle East, prompted some safe-haven flows into the precious metal.
With Thursday’s positive move, Gold now appears to have snapped a two-day losing streak, although the possibility of more aggressive easing by the Federal Reserve (Fed) could limit any further gains. In fact, the US central bank decided to start its policy easing cycle by cutting borrowing costs by 50 basis points on Wednesday. However, the Fed has lowered market expectations for excessive rate cuts in the future. This still supports a modest increase in US Treasury yields, which could limit the USD's losses and limit the gains of the non-yielding yellow metal.
Technical analysis
Gold has recovered very strongly from the Fibonacci retracement level of 2547-2545. At the moment, we need to understand what it wants each session and how it pushes the price. So Gold can absolutely continue to push higher in 3 sessions when Asia and Europe have not had any significant declines. The important price zone is 2588. If this zone breaks when the US enters, do not sell and wait for 2600 SELL to react. It is easy to have a false break, so the beautiful BUY point in the area I determined yesterday at 254x will be held until 263x. Today is a difficult day to trade. If the US session at 19:30 cannot break the 2588 area, it is possible to SELL to the destination area at 2565 - 2545
SELL attention zone 2588-2600-2612-2618
BUY attention zone 2565-2545
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