#黄金技术分析 #24K99讯 Early trading in the European market on Tuesday (September 10), spot gold maintained an intraday downward trend. Currently, the price of gold is around 2501 US dollars/ounce. FXStreet senior analyst Dhwani Mehta recently wrote an article on Tuesday analyzing technical trends in gold prices.

Mehta wrote that the price of gold has dropped to around 2,500 US dollars/ounce so far on Tuesday. Despite a slight decline, the price of gold remained within the recent range, and traders avoided making new bets on gold until the key US Consumer Price Index (CPI) was announced on Wednesday.

Mehta pointed out that the key short-term support for gold prices is $2,499 per ounce. Once it effectively falls below this support, the price of gold will face the risk of a significant correction.

Investors are now focusing on the US consumer price data (CPI) for August, which will be released on Wednesday, and the producer price index (PPI), which will be released on Thursday.

Kinesis Money market analyst Carlo Alberto De Casa said, “If the inflation data falls far short of expectations and raises hopes of cutting interest rates by 50 basis points, then the price of gold may hit a record high. But even if the market agrees to cut interest rates by 25 basis points, the price of gold will not drop drastically, because the Federal Reserve will definitely cut interest rates.”

Gold's latest technical analysis focuses on the key support of $2,499

According to Mehta, from a short-term technical perspective, there appears to be no change in the price of gold. As long as the 21-day simple moving average of $2,499 per ounce is maintained, buyers will remain hopeful.

The Relative Strength Index (RSI) declined slightly on the 14th and is still well above the 50 level, supporting a bullish trend.

Mehta pointed out that after recapturing $2,500 per ounce at the close of Monday, gold buyers are now aiming for a record high of 2,532 US dollars/ounce. If they break through this level, then the psychological level of 2,550 US dollars/ounce will be the target.

(Spot gold daily chart source: FXStreet)

On the other hand, Mehta added that if the price of gold is suppressed again near the $2,530/oz resistance area, then there will be a pullback later. The daily closing price of gold needs to fall below the 21-day moving average of 2,499 US dollars/ounce before it can continue to decline.

Once the price of gold effectively falls below $2,499 per ounce, the price of gold will challenge last week's low of $2,472/oz, then the symmetric triangle resistance will turn to support at $2,461/oz.

At 16:34 Beijing time, spot gold was reported at 2,500.80 US dollars/ounce.