HiLo Morning Brief · Oct 23 — Commodities: XAU Breaks Its Range (2/2)
In commodities, XAU has continued to show a weak rebound, failed to break out of its short-term consolidation range, and repeatedly tested lower. It broke below the range again yesterday and is now moving toward 4,000. On the daily chart, the consolidation area above 4,100 that held over the past two weeks has been broken. The prior lows around 3,950–4,000 are the next support area to watch and may be tested further next week. Observe how price reacts there; if support fails, XAU could make a new low for the year, so risk remains elevated.
#HiLoMorningBrief #Gold #XAU #Commodities
In commodities, XAU has continued to show a weak rebound, failed to break out of its short-term consolidation range, and repeatedly tested lower. It broke below the range again yesterday and is now moving toward 4,000. On the daily chart, the consolidation area above 4,100 that held over the past two weeks has been broken. The prior lows around 3,950–4,000 are the next support area to watch and may be tested further next week. Observe how price reacts there; if support fails, XAU could make a new low for the year, so risk remains elevated.
#HiLoMorningBrief #Gold #XAU #Commodities