Gold trading strategy on September 16th: Gold prices fluctuated to the short side, and it is recommended to continue short rallies

On Thursday (September 16), spot gold price continued its downward trend. The short-term gold price was short-term, easy to fall but difficult to rise. Investors are advised to go short on rallies, and conservatives can also wait and see.


Daily level: The price of gold fell on Wednesday, gave up all the gains on Tuesday, and once again fell below 1800, indicating that the volatile market may continue.

From a technical point of view, the current gold price is below the average of each cycle, the pattern is slightly bearish, and the price of gold may continue to decline in the day. If it falls below the low of 1782 on September 14th, the price of gold may continue to fall, with the sword pointing to a 38.2% retracement at 1776.

The market is currently worried about the Fed's interest rate meeting to be held next week. Under this circumstance, the price of gold is easy to fall but difficult to rise. It is recommended that investors can go short on rallies, and conservatives can also wait and see for the time being.

The upper resistance focuses on the 50% retracement level at 1803.54, and further attention is paid to the 1816.47 where the 100-day moving average is located and the 61.8% retracement level at 1830.20.

Below support is concerned about the 38.2% retracement level of 1776.88, and further attention to the low of 1761.12 on June 18 and the low of 1750.79 on June 29.

(Spot gold daily chart)

Resistance levels: 1803.54; 1816.47; 1830.20
Support levels: 1776.88; 1761.12; 1750.79

Short-term operation advice: short rallies.

GMT+8 13:57, spot gold was quoted at US$1,787.12 per ounce.