Gold is still struggling to reclaim $4,200. The Oct. 2 4H candle tested that area and closed lower. After a weak NFP report, October hike odds are still around 23%, but that hasn’t been enough to turn the chart around.
Gold is near $4,156, below the 20 EMA at $4,167. The 50 EMA sits near $4,203, with the 100 and 200 EMAs higher at $4,256 and $4,296. RSI is around 47. The bounce from $4,160 is still within the broader downtrend.
A reclaim of $4,200 would be the first sign of a shift. If $4,140 breaks, $4,050 comes into view.
Would you fade the bounce or wait for a reclaim?
TRADE $XAU HERE👇
Gold is near $4,156, below the 20 EMA at $4,167. The 50 EMA sits near $4,203, with the 100 and 200 EMAs higher at $4,256 and $4,296. RSI is around 47. The bounce from $4,160 is still within the broader downtrend.
A reclaim of $4,200 would be the first sign of a shift. If $4,140 breaks, $4,050 comes into view.
Would you fade the bounce or wait for a reclaim?
TRADE $XAU HERE👇
