Spot gold prices fluctuated narrowly in early Asian trading on Tuesday (September 16), currently trading at $3,677.81 per ounce. On Monday (September 15), spot gold prices closed strongly at $3,678.73 per ounce, up approximately 1%, and briefly hit a record high of $3,685.47 during the session. A weak US dollar index, declining US Treasury yields, and investors eagerly awaiting the Federal Reserve's policy meeting this week are all contributing to gold's upward momentum. With the Fed's two-day meeting beginning on Tuesday, widely expected to be the first rate cut since December, gold's rally appears to have only just begun.

Globally, this week will also see interest rate decisions from the Bank of Japan, the Bank of England, the Bank of Canada, and the Norges Bank. While the UK and Japan are expected to keep interest rates unchanged, analysts will be closely watching the Bank of England's plans to slow its reduction of government bond holdings and comments from the Bank of Japan, which may reveal clues about rate hikes for the rest of the year. This collective appearance of a series of central bank meetings will provide gold with a further uncertainty premium, boosting its appeal as a safe-haven asset.

From the daily spot gold chart, yesterday's price fluctuated upward, forming a large real-body bullish candlestick pattern. The MACD indicator is currently forming a golden cross, and the moving average cluster is showing a bullish formation, both indicating that bulls are currently in control of the trend. Watch for support from the MA5 moving average on the downside, and resistance at the 3700 round number on the upside.

From the 4-hour spot gold chart, after a period of consolidation, the MACD indicator has completed its correction. Yesterday's price rose again, and the indicator is currently signaling a golden cross, suggesting the start of a new upward trend. Pay attention to the support from the MA5 and MA10 moving averages below. Pressure: 3690-3700-3710 Support: 3680-3670-3660.

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.