Gold outlook for next week (10/26–10/30):
Last week was a down week for gold, which fell below 4,000.
So, will 4,000 prove as strong this time as it did last time?
Looking only at the candlestick patterns, bulls are unlikely to regain ground from the current level, and prices may need to probe lower.
Moreover, last week's decline was a series of pullbacks rather than a sharp, waterfall-style plunge with long lower wicks.
Trendline resistance has now moved down to around 4,100. As time passes, in another two days or so, it may move down to around 4,065. And 4,065 also happens to be a previous support level—former support turning into resistance.
This makes 4,065 a potential key resistance level next week.
The more significant support levels below are around 3,900 and 3,800.
Both areas could mark the end of this decline. The difference is that
around 3,900, prices may still need to trade sideways for a while;
while around 3,800, prices could rebound directly.
Next week, pay close attention to the Fed rate decision late Wednesday night/early Thursday morning, followed by the PCE data. $XAU
The expectation this time is for rates to remain unchanged! #XAUUSD
Last week was a down week for gold, which fell below 4,000.
So, will 4,000 prove as strong this time as it did last time?
Looking only at the candlestick patterns, bulls are unlikely to regain ground from the current level, and prices may need to probe lower.
Moreover, last week's decline was a series of pullbacks rather than a sharp, waterfall-style plunge with long lower wicks.
Trendline resistance has now moved down to around 4,100. As time passes, in another two days or so, it may move down to around 4,065. And 4,065 also happens to be a previous support level—former support turning into resistance.
This makes 4,065 a potential key resistance level next week.
The more significant support levels below are around 3,900 and 3,800.
Both areas could mark the end of this decline. The difference is that
around 3,900, prices may still need to trade sideways for a while;
while around 3,800, prices could rebound directly.
Next week, pay close attention to the Fed rate decision late Wednesday night/early Thursday morning, followed by the PCE data. $XAU
The expectation this time is for rates to remain unchanged! #XAUUSD