Gold Finds Support Amidst Correction
The price of gold has been correcting in recent days, but it's finding support at key levels. On September 15, gold closed near $4,324 after trading from $4,293 to $4,479.90 over a five-day period.
According to analysis, the current price is below both the weekly VC PMI mean and Weekly Buy 1 level, indicating a short-term corrective structure within the broader secular bull market. The immediate daily support zone includes Buy 2 at $4,298 and Buy 1 at $4,275.
The next key dates to watch are September 18-21 for confirmation of the current reversal area, September 28-30 for a potential turn ahead of the quarter-end, and October 13-15 for the next 30-day cycle extension. The Square of 9 analysis also places the $4,320, $4,333 area at an important pivot point.
Fundamentally, gold remains supported by persistent sovereign debt concerns, central-bank diversification, geopolitical risk, and demand for protection against currency debasement. However, near-term pressure can develop when the U.S. dollar or real yields rise, when inflation data strengthens, or when markets reduce expectations for monetary easing.