Gold price analysis US session September 26

Fundamental Analysis
Gold prices struggled to find a solid intraday direction on Thursday, hovering below the all-time highs reached the previous day. Bets on another aggressive rate cut by the US Federal Reserve (Fed) failed to help the US Dollar (USD) capitalize on the previous day’s solid recovery from its YTD lows and support the non-yielding yellow metal. In addition, rising tensions in the Middle East and concerns over China’s economic recovery, despite the latest stimulus plans, acted as a catalyst for the safe-haven precious metal.

However, bullish traders appeared reluctant to press ahead, preferring to wait for further signals on the Fed’s rate cut path before placing fresh bets on Gold prices. Therefore, the focus will remain on the speeches of influential FOMC members, including Fed Chairman Jerome Powell, which will play an important role in influencing the USD price dynamics in the short term. In addition, US macro data - the final Q2 GDP report, Weekly Initial Jobless Claims and Ordinary Durable Goods Orders - will contribute to creating short-term trading opportunities around XAU/USD.

Technical Analysis
The 2689-2691 zone becomes an important resistance zone today to prevent gold from sliding further. we are waiting for SELL signal in that area and retracement of gold price will be expected at 2660 and support level 2640

SELL GOLD 2689-2691 Stoploss 2694
BUY GOLD 2640-2638 Stoploss 2635
BUY GOLD 2660-2658 Stoploss 2655