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    ​Gold Price Rebounds with Stability Expected at High

    Abstract:From the start of the week, gold price is little changed compared with last week as it has quickly rallied from the fresh monthly low of $1,907.

      WikiFX News (12 Sept) - From the start of the week, gold price is little changed compared with last week as it has quickly rallied from the fresh monthly low of $1,907; while current market trends may keep gold afloat as the crowding behavior in the US dollar persists in September.

      Gold price may continue to consolidate as global stock markets are under pressure with the Nasdaq and S&P 500 sitting at a precarious position. However, the crowding behavior in the greenback may continue to coincide with the bullish behavior in gold as a bear-flag formation emerges in the DXY.

      The FED seems to persist with the plan of “achieving an inflation that averages 2% over time”, which may not be changed before the US election. Gold price is expected to be lifted once the Chairman Powell raises the FEDs balance sheet back above $7 trillion.

      According to the IG Client Sentiment report, retail investors all hold net-long USD/CHF, USD/CAD and USD/JPY while remaining net-short AUD/USD, GBP/USD, EUR/USD and NZD/USD.

      Gold price may continue to consolidate before a successful attempt of closing below $1,907-1,920. Only when a break/close above $2,016-2,025 appears can the record high price ($2075) finds its way. The next area of focus comes around $2,064 followed by $2,092.

      All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/WIKIFX

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      Chart: IG Client Sentiment Report

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