From TradingView · · 40s
Gold Bears Control Below 4021
Gold prices drop as bears hold below 4021, targeting 3960 next.
In brief
Gold prices drop as bears hold below 4021, targeting 3960 next. Gold fell 3.5% this week, heading for steepest weekly decline since June as oil prices rise and Fed rate expectations stay high. Originally reported by TradingView.
Gold Declines
Gold prices dropped 3.5% this week after briefly falling below $4000.
Oil Prices Rise
Oil prices climbed following Houthi attacks in Saudi Arabia, raising inflation concerns.
Fed Rate Expectations
Markets expect another Fed rate increase by December as gold trades below 4021.
Technical Targets
Gold targets 3960 next if it breaks below 4021, with 3900 as a further downside level.
Here's the gist
Gold fell 3.5% this week, heading for steepest weekly decline since June as oil prices rise and Fed rate expectations stay high.
