9.10 Analysis of gold short-term operation strategies
Israel airstrikes Syria, gold price regains 2500 mark: gold price may consolidate in the short term
On Monday (September 9), spot gold rebounded sharply after falling to 22485/OZ, and finally closed above 2500, closing at 2506.04/oz. ,, Gold prices soared above 22500/OZ on Monday as traders prepared for the release of the US August inflation report and looked for hints that the Federal Reserve would cut interest rates by 50 or 25 basis points. Gold traders ignored the overall strength of the US dollar. The US dollar index, which measures the performance of the US dollar against six currencies, rose by more than 0.30%.
The probability of a 25 basis point rate cut by the Federal Reserve in September is 73%, while the probability of a 50 basis point cut is 27%.
At the end of the Asian market on Monday, spot gold fell to 22485.48/OZ, hitting an intraday low. Gold prices then continued to rebound. As of the close of Monday, spot gold climbed $8.84, or 0.35%, to $2,506.09 per ounce.
The situation in the Middle East remains tense, which provides momentum for gold prices to rebound.
Israel's air strikes on central Syria on September 8 local time killed at least 14 people. The Iranian Foreign Ministry spoke out on September 9 local time, condemning the Israeli army for launching a "criminal attack" and calling on Israel's supporters to stop arming it.
According to the Israeli Times, citing Syrian media reports, Israel launched a series of attacks on several areas in central Syria on the night of August 8 local time, killing at least 14 people and injuring 43 people
This may become a trigger for the gold trend!
How to trade gold?
Gold prices resumed their upward trend and broke through $2,500 per ounce, but gold prices are still below $2,510 per ounce, and buyers seem to have failed to accumulate momentum.
Momentum remains bullish, but gold may consolidate in the short term before resuming its upward trend or turning downward. The relative strength index (RSI) is almost flat, indicating that neither buyers nor sellers are in control of the situation.
If gold climbs above its year-to-date high of $2,531/oz, it could push it to challenge $2,550/oz. If it breaks through the latter, the next target will be the psychological level of $2,600/oz.
If gold falls below $2,500/oz, the next support level will be the August 22 low of $2,470/oz.
If gold falls below $2,470/oz, the next support area will be the confluence of the May 20 high (which has turned into support) and the 50-day simple moving average (SMA), between $2,450-2,440/oz
On Monday (September 9), spot gold rebounded sharply after falling to 22485/OZ, and finally closed above 2500, closing at 2506.04/oz. ,, Gold prices soared above 22500/OZ on Monday as traders prepared for the release of the US August inflation report and looked for hints that the Federal Reserve would cut interest rates by 50 or 25 basis points. Gold traders ignored the overall strength of the US dollar. The US dollar index, which measures the performance of the US dollar against six currencies, rose by more than 0.30%.
The probability of a 25 basis point rate cut by the Federal Reserve in September is 73%, while the probability of a 50 basis point cut is 27%.
At the end of the Asian market on Monday, spot gold fell to 22485.48/OZ, hitting an intraday low. Gold prices then continued to rebound. As of the close of Monday, spot gold climbed $8.84, or 0.35%, to $2,506.09 per ounce.
The situation in the Middle East remains tense, which provides momentum for gold prices to rebound.
Israel's air strikes on central Syria on September 8 local time killed at least 14 people. The Iranian Foreign Ministry spoke out on September 9 local time, condemning the Israeli army for launching a "criminal attack" and calling on Israel's supporters to stop arming it.
According to the Israeli Times, citing Syrian media reports, Israel launched a series of attacks on several areas in central Syria on the night of August 8 local time, killing at least 14 people and injuring 43 people
This may become a trigger for the gold trend!
How to trade gold?
Gold prices resumed their upward trend and broke through $2,500 per ounce, but gold prices are still below $2,510 per ounce, and buyers seem to have failed to accumulate momentum.
Momentum remains bullish, but gold may consolidate in the short term before resuming its upward trend or turning downward. The relative strength index (RSI) is almost flat, indicating that neither buyers nor sellers are in control of the situation.
If gold climbs above its year-to-date high of $2,531/oz, it could push it to challenge $2,550/oz. If it breaks through the latter, the next target will be the psychological level of $2,600/oz.
If gold falls below $2,500/oz, the next support level will be the August 22 low of $2,470/oz.
If gold falls below $2,470/oz, the next support area will be the confluence of the May 20 high (which has turned into support) and the 50-day simple moving average (SMA), between $2,450-2,440/oz
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t.me/divedgold123
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