Gold is edging closer to the psychological $4,000 mark after reaching as high as $3,890 per ounce.
The rally has been fuelled by two main drivers: an unexpected drop in US private employment and the start of the federal government shutdown. With the shutdown delaying key releases such as this week’s nonfarm payrolls and this month’s CPI, the Federal Reserve may be forced to decide policy at its October 29 meeting without critical data, increasing the chances they leave rates unchanged.
Technically, gold’s trend remains constructive. Strong demand zones potentially sit near $3,760 and $3,720, while the next key resistance is the $4,000 psychological level. A sustained daily close above $4,000 would open the way toward Fibonacci extension targets at $4,025 and $4,101. On the downside, a break below $3,760 could trigger a deeper pullback toward $3,680.
The rally has been fuelled by two main drivers: an unexpected drop in US private employment and the start of the federal government shutdown. With the shutdown delaying key releases such as this week’s nonfarm payrolls and this month’s CPI, the Federal Reserve may be forced to decide policy at its October 29 meeting without critical data, increasing the chances they leave rates unchanged.
Technically, gold’s trend remains constructive. Strong demand zones potentially sit near $3,760 and $3,720, while the next key resistance is the $4,000 psychological level. A sustained daily close above $4,000 would open the way toward Fibonacci extension targets at $4,025 and $4,101. On the downside, a break below $3,760 could trigger a deeper pullback toward $3,680.
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Investing in complex securities involves risk. You may lose some or all of your invested capital.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.