On Tuesday (September 16), international gold prices continued to surge ahead of the Federal Reserve’s interest rate decision.
So far this year, gold has risen about 41%, far outperforming U.S. equities over the same period. After breaking above the $3,000/oz mark in March, gold has marched higher, surpassing $3,600/oz in early September and now breaking through the $3,700/oz threshold.
Spot gold briefly broke above $3,700/oz, hitting an all-time high before pulling back on profit-taking. It still closed up 0.29% at $3,689.58/oz.
Trading suggestion: During the U.S. session, gold hit a historical high of $3,703.5 before short-term profit-taking drove a pullback. It ultimately closed at $3,689.8, forming a long upper-shadow inverted hammer on the daily chart. Such a candlestick still signals further upside potential today.
Trading strategy: Buy near 3,670, SL 3,664, TP 3,680–3,732.
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