{"id":23268,"date":"2025-09-19T04:55:42","date_gmt":"2025-09-19T04:55:42","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=23268"},"modified":"2025-09-19T04:55:42","modified_gmt":"2025-09-19T04:55:42","slug":"daily-commentary-277","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-277-20250919\/","title":{"rendered":"Is GOLD primed to retest lifetime highs?"},"content":{"rendered":"
<\/p>\n\n\n\n
\n
Gold holds the previous bounce from three-day lows, re-attempts $3,650 early Friday.<\/strong><\/li>\n\n\n\n
US Dollar stalls its recovery from post-Fed plunge, eyes Fedspeak, trade headlines.<\/strong><\/li>\n\n\n\n
Gold looks to retest record highs as the daily RSI returns to the bullish zone.<\/strong><\/li>\n<\/ul>\n\n\n\n
Gold is testing offers near $3,650 early Friday, holding Thursday\u2019s late rebound from three-day lows near $3,627.<\/p>\n\n\n\n
Gold eyes a fifth consecutive weekly gains despite the less dovish-than-expected US Fed policy announcements on Wednesday and Thursday\u2019s encouraging US economic data, which helped the USD stage a decent recovery.<\/p>\n\n\n\n
The Fed lowered interest rates by the expected 25 basis points , while the Summary of Economic Projections , the so-called Dot Plot chart, showed that the Fed policymakers project two additional rate cuts this year.<\/p>\n\n\n\n
However, Fed Chairman Jerome Powell, in his post-policy meeting press conference, adopted a measured rhetoric on further policy easing. Powell called the rate cut a risk management policy action and maintained the bank\u2019s \u2018meeting-by-meeting\u2019 stance.<\/p>\n\n\n\n
Meanwhile, data on Thursday showed that Initial claims for state unemployment benefits decreased 33,000 to a seasonally adjusted 231,000 for the week ended September 13, partially reversing a surge in the prior week to the highest level since October 2021.The Philadelphia Federal Reserve Manufacturing Index surged to 23.2 in September, a significant leap from the estimated rebound of 2.3.<\/p>\n\n\n\n
The USD\u2019s upswing could also be attributed to a short-covering spree as markets perceived the recent declines as excessive.<\/p>\n\n\n\n
Looking ahead, Gold could build on the rebound if the recent bullish momentum in the USD loses steam. However, the renewed US-China trade optimism could remain supportive of the Greenback, capping Gold\u2019s move higher.<\/p>\n\n\n\n
Additionally, Gold could also be influenced by the USD dynamics, induced by the USD\/JPY pair in the aftermath of the no rate change decision expected by the Bank of Japan this Friday.<\/p>\n\n\n\n
In the absence of top-tier US data releases, trade updates and broader market sentiment will play a pivotal role in Gold price action.<\/p>\n\n\n\n
The daily chart shows that the 14-day RSI has finally eased from the overbought region, returning to the bullish zone.<\/p>\n\n\n\n
If dip-buying emerges and gathers strength, Gold could retest the record high at $3,708. A daily candlestick closing above that level will open doors toward the $3,750 region.<\/p>\n\n\n\n
The immediate resistance, however, is seen at the $3,650 level.Alternatively, Gold could challenge this week\u2019s low at $3,627 yet again if the corrective decline picks up.<\/p>\n\n\n\n
Further down, the $3,600 round figure will be tested, below which the previous week\u2019s low of $3,578 will be next on sellers\u2019 radars.<\/p>","protected":false},"excerpt":{"rendered":"
Gold is testing offers near $3,650 early Friday, holding Thursday\u2019s late rebound from three-day lows near $3,627. Gold eyes a fifth consecutive weekly gains despite the less dovish-than-expected US Fed policy announcements on Wednesday and Thursday\u2019s encouraging US economic data, which helped the USD stage a decent recovery. The Fed lowered interest rates by the … <\/p>\n
![\"\"](\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2025\/09\/image-10-1024x386.png\")
<\/figure>\n\n\n\n