September 14 gold trading strategy: gold prices maintain a sideways pattern, it is recommended to wait for the breakthrough market

On Tuesday (September 14), spot gold remained stable below 1800, and short-term gold prices continued to maintain a sideways pattern. Investors are advised to wait and see for the time being and wait for the breakthrough market to appear before choosing an opportunity to enter the market.


Daily level: Spot gold continues to struggle below 1800, and the pattern of sideways consolidation becomes more apparent.

In recent trading days, the price of gold has risen and fallen staggered, and many attempts to rush up have failed, indicating the lack of buying interest in the market. As the Fed is about to scale back its bond purchases during the year, the market is not so optimistic about the prospects for gold prices.

Technically, the bulls tended to be cautious after suffering a heavy blow on September 7. MACD formed a dead cross, RSI was operating near the midline, and the overall pattern was biased towards bears, but it is still possible to continue sideways in the short term. Investors are advised to wait and see for the time being.

If the initial resistance above the 50% retracement level of 1803.54 can be effectively broken, investors can chase the long position, and further resistance will be at the 100-day moving average at 1816.07 and the 61.8% retracement level at 1830.20.

If the spot gold price falls below the 38.2% retracement level of the initial support below 1776.88, investors can chase short positions in a wet warehouse, and further support at 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; 1816.07; 1830.20
Support levels: 1776.88; 1761.12; 1750.79

Short-term operation suggestions: wait and see for the time being, and wait for a breakthrough.

GMT+8 13:51, spot gold was quoted at $1,793.23 per ounce.