9.17 FPG gold trend analysis Countdown 1 day 17 hours

XAUUSD H4

Yesterday morning, gold once again hit a new high near 2589, mainly due to the market's expectation of a significant interest rate cut by the Federal Reserve. According to the report on the holdings of the world's largest gold ETF, since August 29, there have been 6 instances of increased holdings of 16.38 tons of gold, and only one instance of a reduction of 0.27 tons. Currently, the market's expectation of a 50 basis point interest rate cut in one day's time has risen to 57%, and the US dollar index has fallen back to the year's low of 100.5. The interest rate decision one day later is a crucial turning point, and various assets may start to reorganize their valuations after the decision. This may be the first interest rate cut by the Federal Reserve since 2020. Be cautious about chasing the rise and guard against top reversal.

From a technical perspective, gold has risen for three consecutive days, and yesterday's gold price also saw a small upward trend. In the short term, there hasn't been a weak trend yet, and the overall price is concentrated on the upper channel. Both bulls and bears are anxiously waiting for the announcement of the Federal Reserve's interest rate cut magnitude.

The resistance levels are 2586 for the first level, 2590 for the second level, and 2600 for the third level.

The support levels are 2580 for the first level, 2575 for the second level, and 2560 for the third level.

# This advice is only general advice and does not take into account your specific financial situation and needs. Investment involves risks, so please evaluate carefully. #