International gold yesterday dropt from a high point, price broke 1230 since dropt from 1239 and dropt all the way down to about 1220, bearish controls the market, especially after Fed raised the interest rate expectation; in today’s Asian trading time, gold rebounded to about 1223USD/oz. and started basing sideway.
U.S. seasonally adjusted CPI in August is not as good as expected, yet monthly income is still strong. The Fed September policy statement contains neutral wording, emphasize that low interest will continue for a while after QE. As the raised interest rate expectation, market is anxious about the accelerating deflation, which pressed gold. Currently gold daily chart bearish controls the market, short term price bases sideway around 1216-1226, trading short when price rebounded would be a good choice.