Gold prices began September with a downward trend, primarily driven by widespread investor expectations of a rate hike at the Federal Reserve’s September meeting. The likelihood of further rate hikes at the last two meetings this year is increasingly high, and rising interest rates are dampening investors’ risk appetite for gold, thus putting downward pressure on prices.

On the other hand, the lack of any improvement in the situation in Iran and geopolitical factors are also prompting investors to continue cashing out in the gold market to avoid related risks. These two factors will continue to weigh on gold prices in the short term, and there is a high probability that prices will fall below the $4,300 mark.

Gold prices may fluctuate between $4,266 and $4,372 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is room for further pullbacks in the short term, and $4,392 can be considered an important 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 reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold Price 1-Hour Chart:

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com