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Do dot maps need to be "bargained"? Gold hesitates at the door of 3700, 3645 may be the first line of success or failure
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: Dot matrix charts need to "bargain"? Gold is hesitant at the door of 3700, 3645 may be the front line of success or failure." Hope it will be helpful to you! The original content is as follows:
Spot gold was under slight pressure before the U.S. market on Wednesday (September 17), weakening from the first-line of $3,700 near the record high, and recently fluctuated around 3,670, with an earlier low hitting 3,659.89. In terms of fundamentals, the US dollar strengthened due to "short closing and replenishing positions", and gold was under pressure at the same time; the market paid attention to the Federal Reserve's interest rate resolution and "dot chart" in the early morning of Thursday morning, and volatility is expected to rise.
State: The US dollar "covers shorts" xm-forex.combined with uncertain forward guidance, and marginal buying needs to suppress gold
The current market generally bets that the Federal Reserve will cut interest rates by 25 basis points at this meeting, reducing the federal funds rate range to 4.00%-4.25%. But the differences around subsequent rhythm and amplitude are amplified: CMEFedWatch shows that the market only gives 50 basis points a probability of "big interest rate cut" of about 6%, but price the path of "total 75 basis points" this year (that is, each meeting is reduced by 25 basis points) to a high probability of about 80%. If the statement and the "dot map" do not confirm such a radical rhythm, the US dollar is expected to be further repaired, and gold denominated in US dollars will continue to face reflexive pressure.
Back to the macro data, the recent weak employment reading has strengthened the trading logic of "continue to be loose in the next few months": non-farmers only increased by 22,000 in August, and the unemployment rate rose from 4.2% to 4.3%; more importantly, the Bureau of Labor Statistics benchmark revision showed that the total non-farm employment in March 2025 was 911,000 less than the previous statistics (-0.6%). This means that the constraint weight of the "maximum employment" goal has increased, which is theoretically beneficial to gold. However, the June edition of economic forecasts excerptThe (SEP) still shows that the median officials are expected to cut interest rates by only 50 basis points in 2025, and 25 basis points each in 2026 and 2027 - significantly weaker than current market pricing. If the new SEP maintains a "slower and more cautious" path, gold may find it difficult to obtain continuous buying from the "dove-oriented implementation".
Official xm-forex.composition and xm-forex.communication may also create "unexpected fluctuations". The latest development is that White House economic adviser Stephen Miran was confirmed by the Senate to enter the council, and the market sees it as a dovish voice that may support a larger rate cut; at the same time, Michelle Bowman and Christopher Waller recently prefer to emphasize "incremental relaxation but maintain vigilance against inflation." If there is "internal disagreement" in the dot matrix chart (for example, there are two-way objections to claim a 50-basis point interest rate cut and "stand still" in the same field), it will increase the fluctuation range between the US dollar and the real interest rate, and gold will be more likely to be violently pulled in the short term.
Federal path deduction angle:
1) If the interest rate is unexpectedly cut by 50 basis points: gold may rise in volume at the first time, but if the Chairman’s press conference explains it as “pre-employment rate cuts, exchange for an observation period”, the market’s pricing for subsequent consecutive declines will cool down, and the probability of the US dollar rebounding and the gold price surge and fallback will increase.
2) If the interest rate cut is 25 basis points as expected and the dot matrix graph is significantly moved down (especially the median decline in 2025 is raised to ≥75 basis points): the US dollar weakens, and the nominal and real yields are down, and gold is expected to challenge above 3700 for the second time.
3) If it only points to the "one or two" interest rate cuts in 2025: the US dollar strengthens with the trend, and under the double pressure of "safe-haven + interest rate", gold is more likely to back-test support of 3645.00 or even lower.
In addition, the statement and the "focus" of the press conference are also key: if the chairman is more worried about employment and growth, it will be beneficial to gold; if the inflation stickiness and risks reappear, it will be negative to gold.
Technical:
Observe from the 60-minute chart. The middle rail of the Bollinger Band is 3683.62, the upper rail 3705.15, and the lower rail 3662.10. On September 16, the price fell along the middle rail and wandered above the lower rail on the next trading day, with an intraday low of 3659.89. In the K-line structure, a long upper shadow is formed above 3700, and then the mean regression of the lower track is attached to the trend - a weak rhythm, reflecting the characteristics of the retracement section after Bollinger bandwidth expansion.
MACD: DIFF is -4.46, DEA is -1.44, MACD bar chart is -6.04 and continues to "expand green", kinetic energy is tilted in the empty square, and no "volume energy attenuation" or "bottom divergence" signals near the zero axis have yet to appear. RSI (14) points to around 38.83, and is located in the "lower oscillation zone" between the weak zone and the oversold threshold, indicating that the short-term rebound is still mainly under pressure.
Support/resistance reference: Below, focus on 3662.10 (Bollinger lower rail), 3645.00 (horizontal keyPrice), 3626.58 (lowest); upper resistance is 3683.62 (Bolling middle rail/mean resistance), 3702.93 (highest rail), 3705.15 (upper rail). The current price is located between the middle and lower rails, and the tendency is defined as a weak oscillation; if 3683.62 is effectively recovered and the backtesting is xm-forex.completed and the backtesting is stable at the hourly level can we have the momentum to retest the 3700 line; on the contrary, losing 3662.10 will open the probability window of backtesting 3645.00.
Preview of market sentiment: expected congestion and fluctuations in the "official announcement moment" are repriced
In the past two weeks, under the narrative of weakening employment, the market quickly pushed the path of "25 basis points for each interest rate cut within the year" to the forefront, and equity and credit assets staged a "risk preference rebound"; but on the day of the decision, the concentrated resumption of the US dollar shorts triggered "the widespread strengthening of the US dollar" - this is the exogenous catalysis of the decline of gold on the day. At the option level (visible from the convergence of straddle pricing and price spreads) there is already a preset for "event volatility jump up", indicating that "emotion leads, price follows".
In terms of group psychology, the market tends to use "rate cut = buy gold" as a simple linear mapping, but the key tonight is the path and rhythm rather than the one-time point value; if the dot matrix chart does not meet the crowded expectation of "the annual drop of 25 basis points", the disappointing selling pressure will act more directly on precious metals. In other words, gold prices are more likely to experience moderate directional fluctuations at the "expectation difference" in the short term, rather than unidirectional pursuit of the rise.
The above content is all about "[XM Forex Official Website]: Dot matrix charts need to be "bargained"? Gold is hesitant at the door of 3700, 3645 may be the front line of success or failure". It is carefully xm-forex.compiled and edited by the editor of XM Forex. I hope it will be helpful to your transactions! Thanks for the support!
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