Gold market analysis from September 16 highlighted the strategic significance of the 4320 resistance zone. The intraday outlook was clearly defined: a rebound toward 4320 presented a short-selling opportunity, anticipating a pullback. The expectation was that gold would face resistance near the 4320 level, with a break below 4380 potentially opening further downside room. A short-term long position was advised upon stabilization near the 4253 support area, with a stop-loss triggered if 4253 was decisively broken.

The previous trading day saw gold decline from below 4320 to 4260 during the Asian session before stabilizing. During the late US session, a rebound peaked at 4310 before retreating again. The overall market movement aligned perfectly with expectations. The strategy of selling below 4320 and maintaining longs above 4253 proved effective. The market structure remains range-bound, favoring an accumulation of short-term profits.

This morning, gold prices surged from the 4275 area, decisively breaking through the overnight high of 4310 and the critical 4320 resistance level I repeatedly highlighted. A sustained break and hold above this zone could pave the way for further upside. The strategy now is to patiently await a pullback in the afternoon to re-enter long positions. The early morning low of 4275 has become a key intraday support level, and the plan is to focus on long entries around this point during the day.

The market's focus tonight shifts to the Federal Reserve's rate decision, a key catalyst that could provide direction. Market participants may stay cautious and trading activity could be subdued ahead of the announcement. However, a significant market reaction is expected once the decision is unveiled. If a rate hike is announced as anticipated, the market may face a "sell-the-news" scenario, where prices could dip before rebounding. Conversely, if the Fed unexpectedly holds rates steady, gold bulls could seize the opportunity to push prices higher.

For the European session this afternoon, the trading plan suggests initiating a long position as gold pulls back to the 4310/4305 zone, targeting a move of 25-40 dollars higher. Should the price rally directly without giving an entry, a short position could be considered at the 4355 level with a stop-loss placed accordingly.