Gold Futures Market Shifts Positioning Ahead of Key Resistance Levels
The gold futures market has seen some positioning changes, keeping the immediate bias constructive. The price of gold closed near $4,390.4 on a 15-minute chart, slightly above both the VC PMI daily and weekly means.
This positioning suggests that the next move could be towards Daily Sell 1 at $4,417, followed by Daily Sell 2 at $4,451. A breakout through $4,451 would expose Weekly Sell 1 at $4,486 and Weekly Sell 2 near $4,546.
However, if the price fails to hold above the VC PMI daily mean of $3,479, it could weaken the structure and shift attention to Daily Buy 1 at $3,355 and other support levels.
The September 18 cycle marker is seen as a key timing reference, with the price rallying to $4,439.8 before rotating towards the means. Confirmation of a breakout trend comes from acceptance above $4,417 or below $3,355.