Gold spot trading strategy on September 16: Fed’s aggressive interest rate hike expectations are exceeded and gold prices are expected to continue to decline after the crash
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During the Asia-Europe session on Friday (September 16), spot gold fluctuated slightly, hitting a low of US $ 1,659.43 per ounce. was shrouded by aggressive Fed interest rate hike expectations. The relative strength of the US dollar and higher US bond yields further weighed on gold prices. From a short-term perspective, before the Fed’s decision next week, the price of gold tends to be weak and there is a risk of further bearish exploration; from a technical point of view, the downward momentum in the gold price still exists in the short term, and tends to be further supported by the low point of 1640.90 on 8 April 2020 and the centerline is concerned about 1600 Support near the gate.
Considering that the World Bank and IMF have warned of the risk of a global economic recession, it is still necessary to pay attention to supporting bargain hunting and the purchase of safe haven assets, and to be alert to the possibility of gold prices touching the minimum and bounce or float at low levels.
This trading day focuses on the initial value of the University of Michigan Consumer Confidence Index in the United States in September and pays attention to news related to the geopolitical situation.
Day level:Unilateral decline; the MACD dead fork signal continues, KDJ is dead fork, the moving average is short, and the price of gold has fallen below the strong key support of 1680. If it fails to quickly rise to the top of this position, the short- Long-term, medium and long-term gold prices will face further downside risks. There is no noticeable support below the short-term mark. You can refer to the 1650 mark for support and pay attention to the support near the 1640 mark on April 8, 2020. In the event of a loss of this position, the short-term could further decline to the 1600 level, also on April 1, 2020. In drop around 1569.07.
As the current gold price deviates a lot from the moving average, if the gold price can be supported near the 1640 mark, the gold price is expected to usher in a shock adjustment opportunity; the initial resistance refers to the high of the Asian session near 1667.55, the 1680 mark has been turned into a strong resistance, if it manages to recover quickly above this position, it will weaken the bearish signal in the market outlook.
resistence:1667.55; 1771.30; 1680.30; 1688.71;
support:1650.00 ； 1640.90 ； 1620.00 ； 1600.00 ；
Short Term Trading Tips:Short circuit cautious on rallies.
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