Gold down trend was ended around 1901-1903 when gold failed to break the 1901-1903 after good U.S Retail Sale report last Thursday.
Gold is testing the 1929-1931 which is the middle of the range 1901-1951 to wait for FOMC Meeting on Sep 20, 2023.
On day chart, the reversal from 1901 to 1929-1930 on Sep 14,15 is forming a consolidation pattern. Gold down trend may be resumed if the Fed continues to raise U.S interest rate in its FOMC Meeting Minutes this week.
Gold is consolidating from 1901 to 1951 in which the following key zones 1929-1931, 1943-1948 are for selling. While the 1901-1903, and 1909-1911 are good for buying to prepare for a medium term trend break-out.
Gold is expected to make choppy movement from Sep 18 to Sep 20, 2023 until it sets a new medium term up or down trend.
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