FUNDAMENTAL OVERVIEW Gold has been supported since the FOMC decision as the market has faded the hawkish overreaction. In fact, the Fed projected a less hawkish path for interest rates than the market was pricing and Fed Chair Warsh mostly repeated the points from his Jackson Hole speech.Moreover, the recent fall in oil prices amid expectations of a potential de-escalation has helped ease inflation and rate hike concerns somewhat.The market’s focus is now on tomorrow’s UN General Assembly, as Trump called a meeting with Gulf leaders on the sidelines to discuss the next steps in the war with Iran. The Iranian delegation was also allowed to participate in the Assembly, so there will likely be a meeting between Trump and Iranian President Pezeshkian.Keep in mind that a de-escalation would send oil prices lower, further easing inflation and rate hike concerns and ultimately supporting gold.Economic data will also be important given the current market’s pricing. When positioning and market expectations become stretched, even a modest shift in the data can trigger a significant reversal. If US data starts surprising to the downside, expectations for aggressive rate hikes will likely be reduced, giving gold an additional boost. GOLD TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see goldrebounded strongly from the key 4,300 support but got rejected around the 4,400 level. If the price pulls all the way back to the support, we can expect the buyers to step in there with a defined risk below the support to position for a rally into the 4,510 level. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 3,885 level next.GOLD TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price is breaking above the downward trendline that was defining the bearish structure. We can expect the buyers to pile in around these levels with a defined risk below the most recent swing low at 4,334 to keep pushing into the 4,510 level. The sellers, on the other hand, will need the price to break below the 4,334 level to start targeting a break below the major 4,300 support. GOLD TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor downward trendline defining the bearish momentum. If we get a pullback, the sellers will likely lean on the trendline with a defined risk above it to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 4,510 level next. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow, we have Trump meeting with Gulf leaders and potentially with Iran’s President at the UN General Assembly. On Wednesday, we get the Flash US PMIs. On Thursday, we have the Trump-Xi meeting. This article was written by Giuseppe Dellamotta at investinglive.com.