Yesterday, Gold officially reached 3700$/ounce, setting a new all-time high.
The market is currently at a sensitive point, and Gold prices may move ahead of the interest rate announcement, as sudden surging demand for Gold supports its rise while the USD continues to weaken.
Although this morning Gold slightly corrected back to the 3676 level, this could just be a minor pullback to build momentum for the next bullish wave.
The market is now focused on the interest rate announcement at 1 AM on Thursday, September 18. If nothing unexpected happens, Gold is expected to continue its strong rally towards the 37xx zone tomorrow.
Technical Analysis:
In the short term, Gold has corrected twice to the 3676 – 3678 area at the 0.618 Fibonacci retracement. This is a positive signal, suggesting that Gold has formed a solid support zone around this price and is consolidating within a wide range of 367x – 369x before breaking out towards 37xx.
If Gold continues to hold above the 367x zone, it is likely to climb back to 370x, or even further to 372x as the next target if strong bullish support comes in, according to Fibonacci extension.
Trí Hùng
Leave a Reply