Update $XAU on Oct 1:
Gold prices continue to face adjustment pressure in the past session as the US dollar remains strong, while global bond yields stay at high levels, causing capital to trend away from non-yielding assets like gold. At present, the market is still absorbing expectations related to Fed interest-rate policy, so gold’s short-term direction is not yet entirely clear.
However, friends should note that we are entering October—a period that often sees strong physical-buying demand from Asian markets, especially India during the festival and wedding seasons. India is one of the world’s largest gold consumers, and buying gold for festivals may provide additional support for prices in the coming period.
From a technical perspective, after the sharp sell-off just occurred, gold is currently reacting around the key support zone of 4150. In the short term, prices are likely to continue ranging and consolidating around this area to seek momentum before determining the next direction.
My current personal view still prioritizes observing price reactions at the support zone. If gold holds the 4150 area and reversal signals appear on the H1/H4 charts, we may consider tentative long positions with expectations of a rebound back up.
Gold prices continue to face adjustment pressure in the past session as the US dollar remains strong, while global bond yields stay at high levels, causing capital to trend away from non-yielding assets like gold. At present, the market is still absorbing expectations related to Fed interest-rate policy, so gold’s short-term direction is not yet entirely clear.
However, friends should note that we are entering October—a period that often sees strong physical-buying demand from Asian markets, especially India during the festival and wedding seasons. India is one of the world’s largest gold consumers, and buying gold for festivals may provide additional support for prices in the coming period.
From a technical perspective, after the sharp sell-off just occurred, gold is currently reacting around the key support zone of 4150. In the short term, prices are likely to continue ranging and consolidating around this area to seek momentum before determining the next direction.
My current personal view still prioritizes observing price reactions at the support zone. If gold holds the 4150 area and reversal signals appear on the H1/H4 charts, we may consider tentative long positions with expectations of a rebound back up.