With two trading days remaining in September, gold has fallen approximately 8.7% from its monthly high of $4,504 to yesterday’s closing price, ending the two-month rebound from lows seen in July and August. Investors have been continuously selling gold this month, primarily due to growing concerns about the Federal Reserve’s aggressive interest rate hikes to curb inflation. This upward trend in interest rates is likely to continue to weigh on gold prices in the short term, and a breach of the $4,090 level is within reach.

Unless US crude oil prices experience a sudden and sharp decline, gold prices may test the support level of $4,082.

Gold prices may fluctuate between $4,082 and $4,179 in the short term. Pay close attention to potential entry opportunities at the lower end of this range, as there is room for a short-term rebound. $4,062 can serve as an important price support level; appropriate risk management is essential.

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