On Friday (September 15th) in the Asian market, spot gold rebounded strongly in the short term, with gold prices currently around $1916 per ounce; In the early morning trading of the Asian market, gold prices briefly fell below $1910 per ounce. Nicholas Kitonyi, an analyst at the renowned financial website FXDailyReport, recently wrote an article analyzing the future trend of gold.
Kitonyi wrote in the article that gold prices rebounded from a trend line support level of around $1900 per ounce on Thursday to around $1910 per ounce. In the 60 minute chart, gold prices seem to be trading in the downward channel.
Kitonyi reminds me that
The gold price rebounded, but it is still trading below the 100 hour moving average. Gold prices seem to be approaching the overbought level of the 14 hour relative strength index (RSI).
Spot gold hit a low of $1901 per ounce on Thursday, but then rebounded and closed near $1910 per ounce on the same day.
Analysts pointed out that the European Central Bank raised interest rates by 25 basis points on Thursday, but hinted that this may be the last rate hike. Traders described it as a "dove style rate hike", indicating that global bond yields may not need to further rise, which helps enhance the attractiveness of gold.
Looking at the Prospects of Gold Technology through Two Pictures
In terms of short-term trends, Kitonyi stated that from a technical perspective, according to the 60 minute trend chart, gold prices seem to be trading in a downward channel. The MACD indicator is about to cross upwards after its recent rebound.
Therefore, gold bulls will seek to continue the current rebound in gold prices and rise to $1917 per ounce. On the other hand, gold bears will set a short-term profit target of around $1902 per ounce.
(60 minute chart of spot gold)
Kitonyi pointed out that gold prices also seem to be trading in the downward channel. After the recent pullback, it seems that the MACD indicator is also about to start crossing downwards.
Therefore, gold bears will seek a further drop in gold prices to $1885 per ounce, or even lower to $1860 per ounce. On the other hand, gold bulls will set their long-term profit target at around $1937 per ounce, or as high as $1962 per ounce.
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