On Tuesday (September 16), international gold prices continued to surge ahead of the Federal Reserve’s interest rate decision.
So far this year, gold has risen about 41%, far outperforming U.S. equities over the same period. After breaking above the $3,000/oz mark in March, gold has marched higher, surpassing $3,600/oz in early September and now breaking through the $3,700/oz threshold.
Spot gold briefly broke above $3,700/oz, hitting an all-time high before pulling back on profit-taking. It still closed up 0.29% at $3,689.58/oz.
Trading suggestion: During the U.S. session, gold hit a historical high of $3,703.5 before short-term profit-taking drove a pullback. It ultimately closed at $3,689.8, forming a long upper-shadow inverted hammer on the daily chart. Such a candlestick still signals further upside potential today.
Trading strategy: Buy near 3,670, SL 3,664, TP 3,680–3,732.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now