On Wednesday, September 23, international gold prices retreated and closed lower after encountering resistance, testing support at the 60-day moving average. Bearish momentum is intensifying, and while there are signs of a potential rebound from oversold levels, the dense cluster of overhead resistance suggests any upward move may struggle to sustain itself. The U.S. Treasury announced plans to repurchase up to $60 billion in long-dated bonds on Thursday, which drove yields across the curve sharply higher—the 10-year and 30-year yields climbed significantly, while the 5-year yield broke above 5% for the first time since 2007. This fueled a rebound in the U.S. dollar index. Additionally, comments from Iranian officials indicating no urgency to negotiate and that reopening the Strait of Hormuz would require meeting Iran's conditions helped push oil prices higher, collectively pressuring gold.
Looking at the short-term outlook, gold is expected to remain in a range-bound consolidation or drift lower. In specific trading action, gold opened the Asian session at $4,359.19 per ounce, briefly touching an intraday high of $4,369.09 before succumbing to selling pressure and sliding steadily lower. The decline extended into the latter half of the U.S. session, hitting an intraday low of $4,275.05, where some stabilization and a modest recovery emerged. Gold eventually settled at $4,287.18, marking a daily range of $94.04 and a loss of $72.01, or 1.65%.
Looking ahead to Thursday, September 24, international gold has opened with narrow fluctuations. Although it has found some footing at the 60-day moving average support, the momentum has not turned decisively bullish. The path ahead is laden with multiple moving average resistances, and technical indicators currently favor bearish control. On the fundamental side, there are no supportive catalysts at hand, only headwinds. The near-term trajectory points to a weak, range-bound consolidation with a downward bias.
Today's economic calendar includes U.S. initial jobless claims for the week ending September 19, the second-quarter current account balance, and August new home sales figures. These data points are generally expected to be gold-friendly, but following yesterday's stronger-than-expected Service PMI (a nearly five-year high) and Manufacturing PMI (a four-year-plus high), the positive impact this evening may be limited. Additionally, market participants will monitor speeches from 2027 FOMC voter Richmond Fed President Thomas Barkin at an Economic Club fireside chat, 2026 FOMC voter Cleveland Fed President Beth Hammack delivering opening remarks at a conference, and 2026 FOMC voter Philadelphia Fed President Patrick Harker speaking at a fintech forum. Given the generally hawkish tone of their recent communications, the probability of bearish pressure during U.S. trading hours is elevated.
With no progress in U.S.-Iran negotiations and renewed market concerns over further Federal Reserve rate hikes—Fed Governor Michelle Bowman stated that risks to achieving the inflation target have risen and additional rate increases may be necessary—combined with a stronger dollar and rising Treasury yields, gold is poised to remain in a weak, range-bound adjustment phase.
On the weekly chart, gold remains below the 30-week moving average, suggesting a bearish near-term outlook. Until this resistance is decisively breached, the bias is toward a pullback to the ascending trendline support before any renewed upside attempt. Conversely, a break above the 30-week moving average could open the door toward the $4,720 resistance level and potentially the $5,100 milestone.
On the daily chart, gold's decline yesterday revisited the 60-day moving average support. While there is still a tendency for a bounce, the heavy overhead resistance means any rally should be viewed as an opportunity to sell into. Overall, opportunities exist on both sides—buying dips near the 60-day moving average support and selling rallies at the 5-10 day moving average resistance.
For intraday trading reference (actual entry and exit levels will be communicated via live updates): Gold: Support is seen at $4,265 or $4,245; resistance is at $4,310 or $4,335. Silver: Support is at $63.55 or $62.55; resistance is at $64.90 or $65.60.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should act at their own risk.