Gold Price Forecast: Recovery Faces Resistance at $4,000
The daily chart for spot gold shows that the price remains under pressure after breaking the triangle pattern at the $4,000 level. The price produced an inside day candle on Tuesday. The price range of this candle was between $3,895 and $3,971.
This suggests that if the price breaks below the $3,895 level on Wednesday, it will likely trigger deeper correction. But a break above the $3,971 level may push the price towards the $4,000 area.
$XAU $XAG $BZ
#USMidterms-WhatAreMarketsExpecting? #USOctoberNFP-AreRateCutsStillPossible #AMDBeatsExpectations-AINarrativeContinues #BinanceIncidentReport #37thQuarterlyBNBBurnRemoves1.64MillionBNB
The daily chart for spot gold shows that the price remains under pressure after breaking the triangle pattern at the $4,000 level. The price produced an inside day candle on Tuesday. The price range of this candle was between $3,895 and $3,971.
This suggests that if the price breaks below the $3,895 level on Wednesday, it will likely trigger deeper correction. But a break above the $3,971 level may push the price towards the $4,000 area.
$XAU $XAG $BZ
#USMidterms-WhatAreMarketsExpecting? #USOctoberNFP-AreRateCutsStillPossible #AMDBeatsExpectations-AINarrativeContinues #BinanceIncidentReport #37thQuarterlyBNBBurnRemoves1.64MillionBNB
