Gold Analysis 27/10: Gold Price Faces $4,000 Again (Chart)
- The overall of Gold Trend: Subject to a bearish technical correction. Today's Gold Support Points: $4,020 – $3,975 – $3,920 per ounce. Today's Gold Resistance Points: $4,110 – $4,180 – $4,240 per ounce.
- Sell gold from the resistance level of $4,150, with a target of $3,970 and a stop loss of $4,200. Buy gold from the support level of $3,980, with a target of $4,200 and a stop loss of $3,910.
Gold market experts believe that prices may decline to form a serious buying base for a strong launch upwards once again. This is because all factors that have influenced the gold market over the past three years remain firmly in place. While the gold market recovery appears technical, we are now likely going through a consolidation phase, and the gold price may fluctuate between $4000 and $4300 per ounce for some time.
EURUSD Chart by TradingViewFundamentally, with the US government shutdown still ongoing, there will be little economic data released this week. Instead, global central bank policy will return to the forefront, with the main focus being the Federal Reserve's interest rate decision. Events will focus on Wednesday, with the Bank of Canada's monetary policy decision and US pending home sales in the morning, before the Fed's monetary policy decision at 2:00 PM. Later that evening, the Bank of Japan will also update its monetary policy. Ultimately, this week concludes with the European Central Bank's monetary policy decision on Thursday morning.Ready to trade our Gold price forecast? We've made a list of the best Gold trading platforms worth trading with.
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