Gold prices fell further on Thursday, closing in on the lowest level since March 2020, after a hawkish Fed sent the dollar higher. During today’s session gold tested support zone around $1,615 an ounce, which is marked with previous price reactions. Buyers managed to defend this level, however one need to remember that the main trend remains downward and on a decisive break above resistance at $1685, which coincides with 61.8% Fibonacci retracement and upper limit of the descending channel, would herald a shift in the sentiment. Until then, further downward move looks more probable. If sellers manage to break below the $1615 level, downward impulse may deepen towards $1580 where 78.6% retracement is located.
GOLD, D1 interval. Source: xStation5
🔴Daily summary: Wall Street ignores hawkish inflation, oil falls sharply despite geopolitical tensions
⚠️Three Markets to Watch Next Week (11.09.2026)
US OPEN: Rebound on Wall Street despite higher Supercore inflation and a jump in yields
Breaking: Time for a tough call for Fed as monthly hotter Core CPI tests market expectations