9.25 FPG gold trend analysis

XAUUSD H1

Yesterday, another manufacturing data from the USA was released, the Richmond Fed Manufacturing Index, which covers 5 major regions in the USA, accounting for a large proportion of the country's total economic GDP. The expected data was -12, but the actual data was -21, significantly lower than expected, reaching the lowest level since mid-2020, indicating a very weak manufacturing sector, an important economic pillar of the USA. This has raised market expectations for a significant 50 basis point rate cut in the next Fed interest rate decision. The US Dollar Index plunged straight to a new low for the year, boosting gold prices. Tensions in the Middle East continue to escalate, leading to more safe-haven inflows into gold. Gold hit a new high near 2665 again, closing just below 2660.

From a technical perspective, gold remains strong without a pullback and has broken through the previous nearly 4-week uptrend channel. The short-term slope has become steeper, indicating a potential need for short-term adjustment. The support platform below has shifted to around 2640 on the upper edge of the rising channel. Gold prices have risen by 34% from the lowest point this year. Please be cautious about chasing after further increases, guard against top reversals, and strictly adhere to stop-loss measures.

The first resistance level above is 2660, the second resistance level is 2665, and the third resistance level is 2670.

The first support level below is 2650, the second support level is 2640, and the third support level is 2625.

# 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. #