Gold trading strategy on September 15: Gold price upside is limited, activists short rallies

On Wednesday (September 15), spot gold held steady at around 1803. The short-term gold price has a slightly higher downside opportunity, and the upside is still limited. It is recommended that conservatives wait and see, and radicals short rallies.


Daily level: The price of gold continued Monday's gains on Tuesday and closed at 1804, only slightly more than the 50% retracement level, which made the bullish sentiment hardly optimistic.

The U.S. August CPI fell short of expectations, which eased the pressure on the Fed to shrink, and gold prices ushered in a respite. However, the shadow of the Fed's shrinking still remains, and it is expected that the room for gold prices to rise is still limited.

Technically, the MACD and RSI are flat, and the price of gold still has not been able to break away from the shock range. From the current situation, there are opportunities for both rise and fall in the market outlook, but judging from the medium and long-term, the opportunity for the price of gold to fall is still relatively large.

The initial resistance above concerns the 100-day moving average at 1816.41, and further concerns the September 3 high of 1834.03 and the 1850 mark.

The initial support below focuses on the July 23 low of 1790.26, and further attention to the 38.2% retracement level of 1776.88 and the June 18 low of 1761.12.

(Spot gold daily chart)

Resistance levels: 1816.41; 1834.03; 1850.00
Support levels: 1790.26; 1776.88; 1761.12

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

GMT+8 14:05, spot gold was quoted at US$1802.83 per ounce.