9.18 FPG gold trend analysis countdown 17 hours

XAUUSD H4

Last night, the final important data, retail sales data, was announced before the Fed's interest rate decision. The data unexpectedly rose, with an expected position of -0.2% and an actual recording of 0.1%, which exceeds expectations, indicating that the U.S. economy is still stable at the moment, but it has not yet affected the market's expectations of a rate cut by the Fed. According to this morning's CME data, the market still expects a 50BP rate cut by the Fed in 17 hours. The US dollar index also rose briefly after the data was announced, and the rise in the US dollar caused gold to fall. After touching support near 2560 intra-day low, it rebounded and closed at 2570.

Technically, yesterday gold price retreated after twice touching the resistance level of 2586, which was the high point on Friday. This means that the resistance around 2586-2590 is still significant, and there may be more selling orders. After the volatility on Monday, the price of gold experienced a decline yesterday to readjust its pace. The market is still waiting for the Federal Reserve interest rate decision after 17 hours, which will have a significant impact on various global assets in the short term. Gold will likely experience significant volatility tonight, so it is advised to enter the market with caution and set strict stop loss.

The resistance levels above are as follows: 2575 (first level), 2586 (second level), and 2590 (third level).

The support levels below are as follows: 2565 (first level), 2560 (second level), and 2540 (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. #