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Weekly Summary (13/9/2022)

Last Tuesday (September 6) the price of gold rebounded, but after passing through 1721, the buying order could not be accepted, and then the trend turned down, and the price of gold tried the low of September 2 again. Gold prices have been hovering between 1691 and 1721 after being supported.

At the opening of the week (September 12), the gold price turned up after a slight decline. It surpassed the resistance of 1721 last week, and the next resistance will be at 1740. Whether it can rebound further depends on the inflation data of this week.

The data released this week is the inflation data that the world is most concerned about this year. The market trend will be determined by the response of major institutions to the data. If the price of gold falls below 1721 again, it may have the opportunity to try the low of 1681 again. The current price trend is not yet clear. According to the current market, the price this week is mainly concentrated in the 1700-1757 range.

Technical analysis:

Since last week, the price of gold has found support at a low level, mainly showing a range-bound trend. The current price is at 1728, showing a slight rebound. The intraday 5-day SMA and 10-day SMA rebounded across the 20-day SMA in the 4-hour chart, and the rebound trend may be maintained if the pattern persists. The daily chart also shows that the golden cross is forming, and if it also crosses the 20-day moving average, it is expected to return to highs again.

Important information this week:

Tuesday: 20:30 US CPI & CORE CPI data

Thursday: 20:30 US Initial Jobless Claims

Friday: 17:00 European CPI & CORE CPI data

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