Gold weighs on support zone
Spot gold’s August-to-October decline remains in play even though the 2024-to-2026 uptrend line at $4,124.75 per troy ounce holds for now. As long as it and last week’s low at $4,110.87 hold, further sideways trading may be seen.
Were a slip through the current September trough at $4,110.87 to ensue, major support consisting of the June-to-July lows at $3,996.06-to-$3,942.10 may be reached next.
Resistance above the $4,202.70 July peak comes in between the mid-September low, 30 September and 2 October highs at $4,219.41-to-$4,235.17.
Short-term outlook: bearish while below the 2 October high at $4,227.53
Medium-term outlook: bearish while below the 18 September high at $4,399.67, targeting the June-to-July lows at $3,996.06-to-$3,942.10
