Spot gold prices fluctuated slightly lower in early Asian trading on Monday (September 15th), currently trading around $3,637/oz. Last Friday, the international gold price rose only 0.26%, closing at $3,643.21/oz, but this figure is just shy of the peak of $3,674 reached earlier in the week. The driving force behind this is precisely the weakening US labor market, solidifying expectations that the Federal Reserve will deliver its first rate cut of the year this week.

This week will not only feature the Federal Reserve's interest rate decision, but also the release of the often-spooky US retail sales data. The Bank of Canada, the Bank of England, and the Bank of Japan will also announce their respective interest rate decisions. A new round of US-China trade negotiations is also underway, necessitating close attention from investors.

Looking at the weekly spot gold chart, after three consecutive weeks of strong gains, the candlestick pattern has formed three consecutive positive candlesticks. However, due to significant profit-taking at the highs at the end of last week, some of the gains were recouped, ultimately recording a bullish candlestick with an upper shadow. The moving averages are still bullish, but have yet to fully catch up with the price. The MACD indicator is expected to continue its golden cross pattern. Furthermore, the announcement of major events this week will require further consideration.

Looking at the daily spot gold chart, although gold prices quickly retreated after rising to around 3670, they are still in a strong bullish trend. A short-term correction is quite normal, and the support level of the moving averages below is gradually approaching. Furthermore, the MACD indicator is also in the process of forming a golden cross. If it can hold above the MA5 level, there is a high chance of another upward move this week. Therefore, we recommend buying on dips. Resistance: 3650-3660-3670; Support: 3635-3628-3620.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.