Analysis of FPG gold trend on September 24th.

XAUUSD H4

The PMI data for the manufacturing and services sectors in the USA was released last night. The data shows that the services sector performed better than expected, but the manufacturing sector remains below the 50 boom-bust line, falling short of expectations. The services sector is steadily expanding, but the manufacturing sector hit a new low in 15 months. According to CME data, the market's expectation for the Fed to continue cutting interest rates by 50 basis points in November exceeds 50%. Aside from the impact of the US dollar, in terms of geopolitics, yesterday Israel launched attacks on multiple areas in Lebanon, resulting in nearly 300 casualties. Safe-haven sentiment led to the gold price continuing to hit new highs near 2635 after hitting 2631 in early trading, before closing at 2628.

Technically, gold continues to show strength at the upper boundary of the rising channel on the 4-hour level, and has hit new highs twice in a row within the day. The pullback to near 2615 in early trading yesterday continued to find support, with short-term bullish momentum still strong, but there is also a risk of a pullback. Focus on the support near 2602-2600 during the week. Enter cautiously and set strict stop-loss orders.

Upper resistance at 2630, secondary resistance at 2635, tertiary resistance at 2640.

Lower support at 2625, secondary support at 2615, tertiary support at 2605.

# 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. #