Spot gold trading strategy on September 20: long and short wait and see waiting for the Fed’s decision, gold prices still have downside risks
During the Asia-Europe session on Tuesday (September 20), spot gold fluctuated slightly and was currently trading around $1,671.55 an ounce. Investors remained cautious ahead of the Fed’s policy meeting this week, when the Fed may raise interest rates to curb high inflation . The market is generally expected to raise interest rates by at least 75 basis points, with a 20% probability of raising interest rates by 100 basis points, which keeps gold prices under pressure. The strong resistance at the 1680 mark also limits the rebound of gold prices. The US dollar index is still at a relatively high level, and the yield on the 10-year US Treasury bond is close to the over ten-year high set on Monday. A two-and-a-half-year low, before breaking the 1680 mark, the price of gold is still at the risk of falling.
In this trading day, we will pay attention to the US real estate market data, Canadian CPI data, European Central Bank President Christine Lagarde’s speech, and pay attention to news related to the geopolitical situation.
4 hour level:After the shock and fall, it rebounded and adjusted; at present, the gold price is being suppressed by the strong resistance near the middle rail of the Bollinger Band and the 1680 mark. It is necessary to guard once morest the risk of returning to the downtrend. Pay attention to the support near the 1660 mark. If this support is lost, the gold price is expected to further test Bollinger. The lower line is supported near 1648.32, and further strong support refers to the position near the 1640 mark; in the short-term, there is also some support near 1668, and the low point in the late New York session overnight was near this position.
Due to the KDJ golden fork and the MACD golden fork, if the gold price can break through the resistance near the 1680 mark, it will increase the short-term bullish signal, and further resistance will be near the 23.6% retracement level of the 1807-1654 decline at 1690.62, and then the 1700 integer mark and 38.2% Retracement near resistance at 1713.10.
resistance:1680.79；1688.73；1700.00；1713.10；
support:1668.79；1659.53；1648.32；1640.90；
Short-term operation suggestions:wait and see. Radicals cautiously short-term rallies.
