Gold: 1680 resistance is valid

A brief analysis of the fundamentals:

On Friday (September 16) Goldman Sachs lowered its 2023 US GDP growth forecast, European Central Bank officials continued to play hawks, the US dollar index failed to challenge the 110 mark and fell back, spot gold rebounded to the 1670 mark, and finally closed up 0.60%. The Fed's decision week has begun. At present, the market generally expects the Fed to raise interest rates by 75 basis points this week. In the case of increasingly persistent inflation, the market re-prices that the Fed's interest rate hike will exacerbate the continued outflow of gold funds.

Spot Gold XAUUSD Hourly Chart

A brief technical analysis:

From the hourly chart, the price of gold rebounded strongly after three consecutive declines, and finally encountered resistance near $1,680. MACD began to increase slightly above the zero axis, indicating that the bearish trend has been suspended, and it is expected to usher in a rebound. $1,680 is still the current resistance, and within days Bearish below this level, bullish above $1680

Long and short turning point: 1680.00

Resistance: 1680.00 1700.00

Support level: 1645.00 1620.00

Trading strategy: Bearish below 1680.00, target 1645.00 1620.00

Alternative strategy: bullish above 1680.00, target 1700.00 1720.00