Analysis of 9.20 FPG gold trends

XAUUSD H1

The Fed opened the rate cut cycle with a substantial 50 basis point rate cut, and gold reached a new historical high of 2600. However, with Powell's speech, gold fell to 2546, but rebounded to close at 2560. Yesterday, the upper resistance of 2560 experienced four hours without breaking through, but with the subsequent decline of the US dollar, gold broke through the 2560 resistance in the morning and rose to the secondary high of 2595 before falling back to 2570, then rising again, and ultimately closing near 2590. Last night, the US released the latest weekly jobless claims and second-quarter current account data. The employment market data was better than expected, but the current account still had a large deficit. Logically, these two data should have driven the gold price to break through the position, but it only refreshed the secondary high point. Under the recent rate cuts by the Fed and geopolitical influences, gold still needs to be vigilant.

Technically, gold failed to refresh the high of 2600 last night, falling back from the secondary high of 2595 position, and is currently back at a high level, still maintaining the upward channel. Pay attention to the resistance brought by the high and secondary high points to the gold price.

The first line of resistance above is 2590, the second line is 2595, and the third line is 2600.

The first line of support below is 2580, the second line is 2570, and the third line is 2560.

# 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. #