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 or page is operated by Milton Markets.

Milton Markets is a trading name of Milton Markets Ltd. Milton Markets Ltd. is registered in Saint Lucia with registration number 2023-00166.

Risk Warning: Trading FX and CFD products involves a high risk of loss to your capital. Please read and fully understand the Milton Markets risk disclosure.

Milton Markets does not provide services to residents of the following countries,including but not limited to: Afghanistan, American Samoa, Belarus, Burundi, Canada, Central African Republic, Congo-Brazzaville, Cuba, Côte d'Ivoire, Eritrea, European Union countries, Guinea, Iran, Iraq,

Lebanon, Liberia, Libya, Mali, Myanmar, North Korea, Puerto Rico, Russia, Rwanda, Saint Vincent and the Grenadines, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.

Customers must be at least 18 years old or the age of legal majority in their own country.

Furthermore, opening an account is considered as registering on your own initiative without any solicitation by Milton Markets.

© MILTONMARKETS, All Right Reserved.