On September 22, during Monday's session, our analysis suggested that following the Fed's rate hike, market uncertainty had been removed, and the short-term bearish pressure was exhausted, supporting gold's bottom-fishing rebound. Additionally, global central bank buying and recurring geopolitical risks provided significant support for gold prices. We recommended monitoring the support level at $4,342, followed by $4,300, with resistance above at $4,400. A breakout beyond that would shift focus to $4,443 and $4,510. In subsequent trading, gold dipped to $4,358 at Monday's Asian open, stabilized, and then rebounded to encounter resistance at $4,383, leading to another decline. During the European session, the price tested the $4,342 support multiple times and held, before rebounding ahead of the US session, reaching $4,374 where it faced selling pressure. In the US session, gold fell to a low of $4,322 before stabilizing, and eventually gave back Friday's gains at the close. Overall, after encountering resistance at the $4,400 round number, gold has been trading in a $4,300 to $4,400 range.

According to a senior analyst, following last week's Fed rate hike, the removal of market uncertainty shifted gold's pricing logic from interest-rate-driven trading to credit and safe-haven dynamics. This shift, combined with long-term factors such as US fiscal credibility, geopolitical conflicts, and central bank reserve diversification, alongside a pullback in oil prices from near four-month highs which eased inflation concerns, drove gold's rebound from lows. However, easing tensions in the Middle East cooled safe-haven demand, while a firm US dollar post-hike and expectations of another rate increase later this year limited the scope of gold's short-term rebound. On the daily chart, after hitting a fresh one-week high, gold's rally encountered resistance, keeping it range-bound for now.

On the downside, immediate support lies at the convergence of the daily 5-day and 10-day moving averages around $4,335, which acted as a floor during Monday's decline, with the next support at the psychological $4,300 level. On the upside, the primary resistance is the $4,400 round number, which has held firm on multiple tests last week and coincides with the daily Bollinger Band midpoint and the weekly MA5 level. A breakout and hold above this zone could open the door to further upside, with the next target at $4,443, a level that stalled gold's rally earlier this month. Technically, the 5-day moving average is beginning to form a golden cross, while the MACD indicator's bearish crossover is slightly curving upward. The RSI is showing a minor bearish crossover near the 50 midpoint with an upward tilt, and the KDJ indicator's bullish crossover is decelerating slightly. These signals suggest that gold's upward momentum is waning, though a continuation of the rebound remains possible.

For intraday trading, following the Fed's rate hike, the short-term bearish pressure has been exhausted, leading to a bottom-fishing rebound. However, Monday's pullback after resistance suggests weakening upward momentum. Expectations of another rate hike this year, a strong dollar, and reduced safe-haven demand are capping gold's short-term rally potential. The recommended approach is to treat the market as range-bound, with support at $4,335 and $4,300, and resistance at $4,400 and $4,443.