#gold #firstmininggold #preciousmetals #bullmarket #correction #summerrally #pullback #50MA #FOMC #oversold #reversal #200MA #FF #FFMG ??

As gold had already front-run yesterday’s FOMC decision with a bounce toward USD 4,367, the rate hike triggered a sharp sell-off from USD 4,367 to a new low of USD 4,235. Most of that decline has since been recovered, while the daily chart remains attractively oversold.

However, there is still no confirmation that this marginal new low marked the end of the ongoing pullback, which began on August 25. At the same time, our view that gold will continue to trade sideways between its 50- and 200-day MA remains intact. A break above USD 4,380 would indicate that a meaningful retracement of the pullback is underway and could pave the way for a retest of the 200-day MA above USD 4,500.

https://floriangrummes.substack.com/p/gold-daily-call-for-september-17th