Foreign media reports show that with roughly six weeks remaining before the US midterm elections, the latest poll puts President Trump’s approval rating at a historic low of 32%. This represents a 15-percentage-point drop from the 47% recorded in the same poll at the start of his second term. Amid the controveRSIal Iran war, voters are increASIngly dissatisfied with how Trump handles cost-of-living issues. The poll also shows his disapproval rating stands at 66%, up 25 percentage points from the beginning of his second White House term. Boosted by a strong rebound in US stocks, safe-haven demand cooled markedly. In the afternoon ASIan session on Tuesday (September 22), spot gold weakened. As of press time, it traded at $4325.59 per ounce, down 0.43% on the day.
Market pricing still centers on the Fed’s 25-bASIs-point rate hike last week, yet the possibility of further tightening has not been fully ruled out. The Federal Open Market Committee (FOMC) raised the federal funds rate target range to 3.75%–4.00% on September 16, and the median forecast still points to 4.1% by year-end. August retail sales rose by 1.2%, and initial jobless claims fell to 196,000. Traders are pricing in an 88% probability of another rate hike in December. Higher yields and Fed rate-hike pricing limit gold’s upward momentum, while geopolitical risks, central bank demand and fiscal concerns continue to underpin long-term buying interest.
Today’s Spot Gold Price Analysis: Gold Fluctuates Within Range, Sell on Rallies and Buy on Dips
Gold pulled back near $4335 on Tuesday. Expectations for further Fed rate hikes and a firm US dollar cap upside, while geopolitical risks and medium-to-long term gold demand offer support. In the short run, gold has not fully priced in the expectation of two Fed rate hikes within the year, which prevents a breakout to the upside. Investors await further fundamental changes. Technically, gold is consolidating sideways with no clear directional signal; maintain range-bound trading strategy.
Key Focus: US Treasury Yields, US Dollar Index, Geopolitical Situation
Resistance Levels: 4380, 4430, 4480
Support Levels: 4320, 4270, 4240
Key Economic Data & Events for Today
① 14:00 UK Public Sector Net Borrowing August
② 18:00 UK CBI Industrial Orders Balance September
③ 19:00 ECB President Lagarde Speaks
④ 20:15 US ADP Employment Change for the week ending September 5
⑤ 22:00 Eurozone Flash Consumer Confidence September
⑥ 22:00 US Richmond Fed Manufacturing Index September
⑦ 22:05 Fed’s Williams Speaks
⑧ 22:20 Fed’s Jefferson Speaks
⑨ 01:00 Next Day Fed’s Barkin Speaks
⑩ 02:30 Next Day WTI Crude Rollover
⑪ 04:30 Next Day US API Crude Oil Inventories for the week ending September 18