9.3 FPG gold trend analysis

XAUUSD H1

Yesterday, due to the holiday in the US, the price of gold was relatively stable. It attempted to break below the 2490 level in the morning session, but the price was rejected and pulled back to around 2507 before declining again. Finally, it closed around 2500. However, it is worth noting that the situation in the Middle East and the situation between Russia and Ukraine have been tense. Yesterday, Ukrainian forces shot down 20 Russian missiles and 20 drones. There was an explosion in Kabul, the capital of Afghanistan. For the first time since the start of the Gaza conflict, Benjamin Netanyahu apologized for the deaths of 6 hostages. With the geopolitical uncertainty and the impending Federal Reserve interest rate decision, both long and short positions in gold remain cautious. Pay close attention to the release of non-farm payroll data this week, as it will have a significant impact on gold in the short term.

Technically, the volatility of gold was relatively low yesterday, with a tug-of-war near the key level of 2500. There is short-term resistance at 2508 and short-term support adjusted to 2490. Both sides remain cautious before the data release. Currently, the market is mainly in a range-bound pattern and has not yet established a trend. Pay attention to the support and resistance levels within the small range.

There is first resistance at 2500, second resistance at 2508, and third resistance at 2515.

There is first support at 2493, second support at 2490, and third support at 2480.

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