Gold price analysis September 17
Fundamental Analysis
Gold prices steadied at $2,580 on Tuesday, ahead of potentially market-moving US data later in the day and a Federal Reserve (Fed) meeting on Wednesday.
Gold surges as Fed rate cut expectations rise
Gold prices surged to an all-time high (ATH) of $2,589 on Monday after market bets that the Fed will cut interest rates by a further 0.50% at its meeting on Wednesday surged, according to market-based gauges.
Expectations of a Fed rate cut are positive for Gold as it reduces the opportunity cost of holding the yellow metal, a non-interest-paying asset, thus making it more attractive to investors. On the other hand, if the Retail Sales misses expectations, this will add to speculation of a half percent cut on Wednesday and positively impact Gold, which could rise to a new high.
Technical Analysis
Gold prices are close to the all-time high resistance around 2589 combined with important US news released. The scenario for US gold when Gold prices break the all-time high we will BUY fomo. and on the other hand when Gold prices correct, pay attention to the 2560 and 2545 zones for long-term BUY.
Breakout upper: 2591 - 2603
Upper resistance: 2578- 2590 - 2600 - 2605 - 2615 - 2626 - 2645
Breakout lower: 2570 - 2564 - 2538
Support: 2572 - 2565 - 2552 - 2545 - 2539 - 2525 - 2516
SELL zone 2600 Stoploss 2606
SELL zone 2610 Stoploss 2615
BUY 2555 - 2553. Stoploss 2550
BUY 2545 - 2547. Stoploss 2541
Gold prices steadied at $2,580 on Tuesday, ahead of potentially market-moving US data later in the day and a Federal Reserve (Fed) meeting on Wednesday.
Gold surges as Fed rate cut expectations rise
Gold prices surged to an all-time high (ATH) of $2,589 on Monday after market bets that the Fed will cut interest rates by a further 0.50% at its meeting on Wednesday surged, according to market-based gauges.
Expectations of a Fed rate cut are positive for Gold as it reduces the opportunity cost of holding the yellow metal, a non-interest-paying asset, thus making it more attractive to investors. On the other hand, if the Retail Sales misses expectations, this will add to speculation of a half percent cut on Wednesday and positively impact Gold, which could rise to a new high.
Technical Analysis
Gold prices are close to the all-time high resistance around 2589 combined with important US news released. The scenario for US gold when Gold prices break the all-time high we will BUY fomo. and on the other hand when Gold prices correct, pay attention to the 2560 and 2545 zones for long-term BUY.
Breakout upper: 2591 - 2603
Upper resistance: 2578- 2590 - 2600 - 2605 - 2615 - 2626 - 2645
Breakout lower: 2570 - 2564 - 2538
Support: 2572 - 2565 - 2552 - 2545 - 2539 - 2525 - 2516
SELL zone 2600 Stoploss 2606
SELL zone 2610 Stoploss 2615
BUY 2555 - 2553. Stoploss 2550
BUY 2545 - 2547. Stoploss 2541
Catatan
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