Markets Analysis

Gold rebounds at $1900, may enter a range-bound phase for a while.【September 15, 2023】

September 15, 2023

Markets Analysis

Fundamental Analysis

  • The ECB decides on a 0.25% rate hike, raising the policy rate to 4.5%.
  • The euro weakens in response, influenced by the perception that interest rates have peaked and a downward revision of growth outlook.
  • US economic indicators exceed expectations, increasing hopes for a soft landing.

XAUUSD Technical Analysis

Analyzing the daily chart of gold. While it has been declining along a downward channel, it rebounded at the round number of USD 1900, and volatility has decreased. The 10-day moving average is below the 240-day moving average, indicating the appearance of another death cross.
From a daily perspective, whether gold breaks below USD1895 will be the focus moving forward. US economic indicators have been exceeding market expectations, fueling the appetite for a stronger dollar. Gold might face selling pressure for a while.


Day Trading Strategy (Hourly)

Analyzing the 1-hour chart of gold. While gold has dropped to USD 1900, it has rebounded to USD 1910. A thick cloud from the Ichimoku Kinko Hyo (one-glance equilibrium chart) lies ahead as a resistance, suggesting that breaking above might take time.
Due to the unpredictable nature of the current situation, we might anticipate either a range-bound market or a situation where the price is suppressed by the cloud and starts declining.
As a trading strategy, consider a range-bound market scenario. Consider buying around USD 1900 and selling in the USD 1915 – 1918 range.

Support and Resistance Lines

The resistance line to be considered in the future is as follows

1900 USD – A round number and support line.


Market Sentiment

XAUUSD Sell: 33% Buy: 67%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
NY Empire State Manufacturing Index21:30
University of Michigan Consumer Sentiment Index23:00

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site is operated by Milton Markets.

Milton Markets is a trading name for Milton Markets LLC.

Milton Markets LLC is registered and regulated by Financial Services Authority in St. Vincent and the Grenadine Islands.

MFSC Managements Limited is a Payment agent of Milton Financial Services.MFSC Managements Limited is located at 30 Tempon Street, Engomi, Nicosia, 2408, Cyprus.

The abovementioned corporations or organizations are officially allowed to use Milton brands and trademarks.

Risk warning: FX and CFD product transactions have a very high risk of losing investment principal. Please read the risk disclosure of Milton Markets and fully understand.

Access to Milton Markets may be restricted to individuals or residents in the following countries (not limited to):

North Korea, Afghanistan, American Samoa, Belarus Burundi, Central African Republic, Congo - Brazzaville, Cuba, Iran, Iraq, Lebanon, Liberia, Libya, Myanmar (Burma), Puerto Rico, Rwanda, Somalia, Sudan, Syria, U.S. Virgin Islands , United States, Venezuela, Yemen, Zimbabwe, Côte D'Ivoire, Mali, Guinea, Eritreaa

Milton Markets does not provide services to citizens in the United States, Canada, EU, Iran, North Korea, St. Vincent and the Grenadine Islands.

© MILTONMARKETS, All Right Reserved.