This week, the focus of financial markets is on the Federal Reserve’s September interest rate decision on Wednesday, September 16th (US time). If the Fed raises interest rates by a quarter percent at this meeting, and the latest dot plot clearly indicates an upward trend in interest rates for this year and next, investors are likely to increase their cash-out activities in the gold market to hedge against related risks. This uncertainty in the interest rate outlook will likely cause gold prices to encounter resistance near $4,388 in the short term.

On the other hand, the lack of any easing in the situation in Iran will likely increase investors’ desire to hold cash to hedge against related risks, further dampening their interest in buying gold. Gold prices may become vulnerable at the $4,300 level in the short term.

Gold prices may fluctuate between $4,296 and $4,388 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is room for short-term pullbacks, and $4,408 can serve as an important price support level. Be sure to manage your risk accordingly.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and do not constitute investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com