GOLD → Liquidation, but there is still a chance for growth...

5 hari lalu

XAUUSD has reached a new all-time high of 3871.6, marking its best month in 14 years (+12% in September). However, against the backdrop of high risks, the market is experiencing profit-taking and a deep correction. What next?

The high probability of a shutdown from October 1 is weighing on the dollar. The probability of a Fed rate cut in October is 90%, despite cautious comments from the Fed.
New tariffs on timber and furniture (from October 14).
Data from China: PMI growth (Manufacturing to 51.2). All this supports the bullish trend in gold. However, the end of the quarter, anticipation of NFP (but in the event of a shutdown, the publication of employment data will be suspended).
Technically, as part of the correction, the price is testing the upward support line, and the price reaction to the 3790-3780 zone will give hints about further movement...

Support levels: 3791, 3783
Resistance levels: 3831, 3847

A false breakdown and the formation of a reversal pattern relative to the specified support zone could trigger a recovery phase within the bullish trend. However, a quick return to support could trigger an attempt to break through and correct to 3759-3738.

Best regards, R. Linda!

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