Spot gold trading strategy on September 16: The Fed’s aggressive interest rate hike expectations are topped, and gold prices are expected to continue to decline following breaking down
During the Asia-Europe session on Friday (September 16), spot gold fluctuated slightly, hitting a minimum of US$1,659.43 per ounce. The overnight US retail sales data and changes in the number of initial jobless claims were stronger than expected, and the market was shrouded by the Fed’s aggressive interest rate hike expectations. The relative strength of the U.S. dollar and higher U.S. bond yields further weighed on gold prices. From a short-term perspective, before the Fed’s decision next week, the price of gold tends to be weak, and there is a risk of further downward exploration; from a technical perspective, the downward momentum of the short-term gold price still exists, and it tends to be further supported by the low point of 1640.90 on April 8, 2020, and the center line is concerned regarding 1600. Support near the gate.
Considering that the World Bank and IMF warned of the risk of global economic recession, it is still necessary to pay attention to the support of bargain hunting and safe-haven buying, and be alert to the possibility of gold prices bottoming out and rebounding or fluctuating at low levels.
This trading day focuses on the initial value of the University of Michigan consumer confidence index in the United States in September, and pays attention to news related to the geopolitical situation.
Day level:Unilateral decline; the MACD dead fork signal continues, KDJ is dead forked, the moving average is short, and the price of gold has fallen below the key strong support of 1680. If it cannot quickly rise to the top of this position, the short-term, mid-term and long-term gold prices will face further risks of falling. There is no obvious support below the short-term mark, you can refer to the 1650 mark for support, and pay attention to the support near the 1640 mark on April 8, 2020. If this position is lost, the short-term may further fall to the 1600 mark, even on April 1, 2020. Down around 1569.07.
Because the current gold price deviates far from the moving average, if the gold price can be supported near the 1640 mark, the gold price is expected to usher in an opportunity for shock adjustment; the initial resistance refers to the Asian session high near 1667.55, the 1680 mark has been transformed into a strong resistance, if it can recover quickly Above this position, it will weaken the bearish signal in the market outlook.
resistance:1667.55；1771.30；1680.30；1688.71；
support:1650.00；1640.90；1620.00；1600.00；
Short-term operation suggestions:Cautious shorting on rallies.
