On Tuesday, September 15, international gold prices experienced a volatile session, ultimately closing lower after touching a temporary bottom. Despite disruptions at Saudi Arabia's largest Red Sea port in Yanbu, which halted vessel loading and led to the cancellation of some September orders for European clients, oil prices regained strength and recovered earlier losses. This, combined with a 10-year Treasury yield reaching its highest level in nearly two decades and a firmer U.S. dollar index, reduced gold's appeal and pressured prices downward. However, robust buying support near key levels allowed prices to rebound somewhat from their lows.

The daily closing pattern continues to signal potential for a bottoming-out and bullish rebound. In terms of trading strategy, as long as prices hold above the 60-day moving average support, a bullish approach with buying on dips near this level remains preferable. A break below this support would shift the outlook to bearish, with that level turning into resistance.

Looking at the detailed price action, gold opened at $4,300.59 per ounce in the Asian session. After a brief decline, it hit a daily high of $4,317.15 before facing resistance and pulling back. During the early European session, it recorded a daily low of $4,261.35, from which it staged a bottom-fishing recovery. This rebound extended into the late U.S. session, but upside momentum failed to sustain itself, leading to a retreat. The metal eventually settled at $4,293.97, marking a daily range of $55.80. It closed down $6.62, or 0.15%.

Looking ahead to Wednesday, September 16, international gold opened weaker, continuing the pullback from the late overnight session. Pressure from the 100-day moving average resistance overhead, along with U.S. dollar strength, suggests that short-term price action is likely to remain biased toward consolidation and weakness.

Later today, the U.S. will release August retail sales data, followed by the Federal Reserve's FOMC interest rate decision. Market expectations point to a significant improvement in the data compared to the previous month, which would be bearish for gold. A majority of economists also anticipate a rate hike by the Fed early Thursday morning Beijing time. According to the CME FedWatch tool, traders currently price in approximately a 93% probability of a rate increase this week. This implies that gold is likely to face downward pressure from these bearish expectations, potentially driving prices down to the $4,200 or $4,100 levels.

However, should the data disappoint and the Fed decide to hold rates unchanged, or if the decision takes on a dovish tone with a dot plot indicating a less aggressive path of rate hikes than expected, gold could gain bullish momentum. In that scenario, a rebound toward the $4,400 or $4,500 levels is conceivable.

On the weekly chart, gold has initially broken below its 60-week moving average support. While there is some rebound demand, the multiple resistance levels from moving averages above pose significant pressure. Therefore, there is a high probability that prices will breach this support and decline toward the uptrend line support near $4,100, where a renewed bullish rebound can then be anticipated.

On the daily chart, gold is still trading above its 60-day moving average support. Consecutive sessions of bottom-fishing rebounds have built strong buying support at this level, hinting at a potential shift from decline to strength. However, with abundant resistance overhead, upward pressure remains intact. Until prices break below the support or clear the resistance, a range-bound consolidation approach is recommended.

The following are initial intraday trading levels for reference, with specific entry and exit points subject to real-time position notifications:

For gold, look for support at $4,255 or $4,210, with resistance at $4,320 or $4,360.

For silver, support is seen at $63.00 or $62.20, with resistance at $64.75 or $65.45.