9.11 FPG gold trend analysis

XAUUSD H4

Ahead of tonight's inflation data release, both long and short sides are cautious. The short-term gold price stabilized above 2500 yesterday and showed a short-term upward trend during the day. Today, it is the first television debate between the two candidates in the US presidential election, bringing more uncertainty to the direction of fiscal policy. However, both parties are inevitably going to expand the entire fiscal deficit, making gold the preferred safe-haven asset and somewhat attractive. For gold in the near term, the market focus remains on recent US data, with inflation data for the next two days potentially providing more guidance for the Fed's interest rate decision in 7 days.

Technically, gold is still within the range of oscillation, temporarily above 2500 in the short term, with movement in the upper half of the 2530-2470 range being the focus. Pay close attention to the CPI inflation data released tonight at 22:30 (Beijing time 20:30) Australian Eastern Time, as it will have a significant impact on gold in the short term.

The upper resistance is at 2520, the second resistance is at 2531, and the third resistance is at 2540.

The lower support is at 2508, the second support is at 2500, and the third support is at 2493.