9.13 FPG gold trend analysis

XAUUSD H4

Last night, the US released the PPI (Producer Price Index) and the number of weekly unemployment claims. The annual PPI rate fell back from the previous value of 2.1% to 1.7%, but the monthly PPI rate increased from 0% to 0.2%, exceeding expectations. This shows that although producer inflation has slowed down, short-term production costs have rebounded, and a more accommodative policy is needed to address this. On the other hand, the number of people claiming unemployment benefits continues to rise, indicating continued weakness in the labor market. The market believes that more aggressive measures should be taken to prevent further slowdown in the labor market. The ECB (European Central Bank) also chose to further lower its interest rates by 25 basis points, and the looser interest rate environment of its major competitors has increased the market's expectation that the Fed (Federal Reserve) may adopt a significant interest rate cut. According to data provided by CME, multiple factors in the evening have led the market's expectation of a 50 basis points rate cut by the Fed in 5 days from 14% yesterday to 39%. The US dollar index plunged from 101.8 to 101.1. The decline of the US dollar has led to the rise of non-US currencies.

From a technical perspective, gold broke through the previous mentioned range top of 2531 and once again hit a new historical high of 2560, closing at a high level. Short-term support and resistance levels have formed at 2530, and attention should be paid to the possible pullback in this area. There are no previous price references ahead, so watch out for every $10 integer level. Remember to be cautious about chasing highs and be prepared for a possible decline.

The first resistance level is at 2560, the second resistance level is at 2565, and the third resistance level is at 2570.

The first support level is at 2550, the second support level is at 2540, and the third support level is at 2530.

#This advice is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please assess cautiously.#