From TradingView · · 1m 10s
Gold Breaks Key Support Level
Gold price drops below critical support zone after failed bullish setup.
In brief
Gold price drops below critical support zone after failed bullish setup. Gold broke below 4,148-4,157 key support level, shifting focus to deeper 4,118-4,130 demand zone. Originally reported by TradingView.
Gold starts week with mixed macro backdrop
Gold begins week with slightly supportive but mixed economic conditions.
Oil prices pull back from recent highs
Oil prices have pulled back from recent highs, easing inflation pressure ahead of Fed's October 27-28 meeting.
Market pricing shifts for Fed rate decisions
Markets now price only around 15% probability of October rate hike while December expectations remain elevated.
Key technical support zone approaches
Price approaches 4,148-4,157 Key Pullback Support / POI near ascending trendline and Fibonacci structure.
Bullish continuation scenario
If buyers defend 4,148-4,157, price could move toward 4,190-4,200 major resistance zone.
Price breaks key support zone
Gold broke decisively below 4,148-4,157 Key Pullback Support / POI, invalidating bullish scenario.
Price moves toward deeper demand zone
Price extended into 4,118-4,130 Major Demand / Discount POI before rebounding toward 4,141.
The main idea
Gold broke below 4,148-4,157 key support level, shifting focus to deeper 4,118-4,130 demand zone.
