Analysis of spot gold price trend on September 23, 2021

　　During Asian time on Thursday(September 23),spot gold held steady at around 1766.Gold prices rose and fell on Wednesday(September 22)as Federal Reserve officials signaled that they may soon start scaling back their bond-buying program and revealed that they are increasingly inclined to start raising interest rates in 2022,boosting the dollar to a new level.New month high.In addition,the rise in US stocks led to an increase in risk sentiment,which was also negative for gold prices.

　　During the day,the main focus was on the US Markit manufacturing PMI and the number of initial jobless claims in September.

　　Fundamental bullish factors:

　　The yield on the benchmark 10-year U.S.Treasury note fell 1.7 basis points to 1.307%.Falling U.S.Treasury yields have lowered the cost of holding gold.

　　Bearish fundamentals:

　　1.Federal Reserve Chairman Jerome Powell said that the Fed may begin reducing the scale of asset purchases as early as November and complete the process by mid-2022.According to the latest forecast,the committee is divided on the issue of raising interest rates in 2022,with nine members arguing that there will be no rate hikes next year,but the other nine members believe that at least one rate hike will occur.The total rate is expected to increase three or four times by the end of 2023.FOMC members expect the total rate to be raised six to seven times by the end of 2024.Tightening monetary policy would be detrimental to gold.

　　2.In the late U.S.market,the U.S.dollar index closed up 0.27%at 93.47,with an intraday high of 93.51.A rising dollar weighed on dollar-denominated gold.

　　technical analysis

　　Technically,gold bears still have a slight overall technical advantage in the short term,but gold bulls have done well this week with some momentum.On the daily bar chart,the three-week-old downtrend is still in place,but only barely.

　　On the upside,the next upside objective for the bulls is closing prices above solid resistance at$1,800.00.Initial resistance lies at$1790.00 and then$1800.00.

　　On the downside,bears'next near-term downside objective is pushing futures prices below solid technical support at$1,700.00.Initial support lies at today's low of$1762.80,followed by Tuesday's low of$1756.30.