Gold
Gold is trading around the support level of $4100, and prices are likely to decline toward the $4000 target, while this scenario would be invalidated if prices break above the resistance level of $4270 during today’s trading session.
|
Support |
4100 | 4000 |
| Resistance | 4270 |
4420 |
Gold prices declined during today’s trading session, with the precious metal touching $4115 per ounce before trimming its losses and recovering toward $4145, pressured by rising US Treasury yields and persistent uncertainty surrounding interest rate expectations. This followed a decline of approximately 1.26% in the previous session, amid concerns that elevated energy costs could keep inflation high and prompt the Federal Reserve to maintain restrictive monetary policy for longer.
Markets are awaiting next week’s Federal Reserve meeting for clearer signals on the direction of US interest rates, particularly as expectations for an October rate hike have eased while the possibility of further monetary tightening in December remains. Stabilizing gold prices and declining Treasury yields could provide the precious metal with an opportunity to recover some of its recent losses.
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