9.26 FPG Gold Trend Analysis

XAUUSD H1

Yesterday morning, with the short-term decline of the USD index, gold hit a new high again at 2670 and then fell back after being blocked. In the recent market, besides the heating up of market expectations for the Fed rate cut and the risk aversion sentiment of geopolitical tensions, gold has continuously hit historical highs in the past four trading days. The market is focusing on tonight's GDP revision, Powell's public speech on the economic outlook, and the PCE data results on Friday, hoping to find more clues whether the Fed will continue to cut rates by 50BP in the remaining two interest rate decisions this year. According to cme data, as of this morning, the market's expectation for a 50BP rate cut in the Fed's November rate decision is 57.4%.

From a technical perspective, gold has hit new highs for 4 consecutive days, with strong bullish momentum. Yesterday, after touching the 2650 support twice, the price rebounded slightly, but the intraday high was 2670, with a secondary high of 2667, and there was no further upward movement. In the short term, there may be a triangle convergence above 2650, with a focus on the support at 2650. Caution is advised against chasing long positions to guard against top reversal.

The first resistance level above is 2660, the second resistance level is 2667, and the third resistance level is 2670.

The first support level below is 2650, the second support level is 2637, and the third support level is 2625.

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