On September 22, gold rebounded from 4340 during the European session, reaching resistance near 4375, before pulling back in the US session to a low of 4322 and then stabilizing higher. The current price action remains a consolidation phase, not a trend reversal, with the overall bias still skewed to the upside. Patience is required to ride out the volatility, as the market is building momentum for a potential resumption of the uptrend.

Monday's gold trajectory aligned with expectations, as the plan to initiate long positions upon a pullback into the 4335/4343 zone played out. The spot price repeatedly tested 4340 support throughout the day, rebounding each time, until a sharp US-session drop to 4322 was swiftly recovered. In essence, gold remains in an accumulation phase, where whipsawing is typical, and only a breakout above 4400 would signal the start of a fresh upward leg.

The market has been in a corrective pullback since failing twice near 4400 last week. Yesterday's European decline from 4375 set that level as immediate resistance, with the US low of 4322 serving as today's key support. In the Asian session, gold has been capped near 4375, and the strategy is to build long positions while holding above 4322, with a target of 4400 once 4375 is cleared. For nimble traders, short-term shorts can be attempted around the 4375 resistance zone, but the primary focus remains buying dips.

The outlook hinges on defending the 4322 floor; a sustained break below would negate the bullish setup, while a daily close above 4375 would embolden breakout buyers targeting the pivotal 4400 handle. Until then, the range-bound action suggests a cautious approach, favoring longs on weakness rather than chasing strength.