Key Factors Highlight

Although gold prices rebounded slightly, supported by a weakening U.S. dollar as the Japanese yen strengthened on expectations of a Bank of Japan (BOJ) interest rate hike, gains remained capped within a tight range.

The precious metal faced pressure from rising U.S. Treasury yields after the U.S. Treasury Department announced a $6 billion bond buyback on September 10, which fell short of the market's expectation of around $8 billion. Additionally, escalating U.S.–Iran tensions pushed Brent crude oil prices above $100 per barrel for the first time since July, further dampening gold's upward momentum.

The price is trading within a range, unable to break through the resistance level around $4,443, creating selling pressure that caused the price to consolidate again.

However, as long as the price maintains its base above $4,340, it is viewed as a consolidation for a continued rebound.

For buying entries, wait for a pullback and take the risk of opening long positions if the price stays above $4,340. If it breaks below, delay buying until the next support level (Stop loss if it breaks below $4,282).

Take profit if prices fail to pass $4,443; if passed, positions can be held to target higher selling resistance at $4,487–$4,511.